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Registration+of+new+motor+vehicles+decreases
Wednesday, 02 May 2018 - 13:54
Registration of new motor vehicles decreases
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Central Bank says that the number of new vehicle registrations during 2017 decreased by 8.4 percent to 451,653, following a decline of 26.2 percent in the previous year.
 
The decline was mainly witnessed in three-wheelers, dual-purpose vehicles and motor cars, while the registration of buses and goods transport vehicles increased during the year.
 
The reduction in motor vehicle registration during the year could be attributed to the reduction in Loan to Value (LTV) ratios for selected vehicles with the aim of reducing motor vehicle imports to the country.
 
Further, the tax revisions on the import of motor vehicles and the marginal depreciation of the Sri Lankan rupee against the US dollar also contributed to such a decline in the registration of new vehicles.
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