The Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, stated yesterday (23) that the projected expenditure for vehicle imports by the end of this year is expected to increase to USD1.5 billion, up from the earlier estimate of USD1.2 billion.
CBSL data shows that vehicle import expenditure reached USD668 million during the first seven months of the year.
Imports in July accounted for USD193 million of this total.
This suggests that the Governor anticipates vehicle imports worth USD830 million during the remaining five months of the year.
Dr. Weerasinghe explained that the temporary surge in vehicle imports, following the relaxation of import restrictions, partially contributed to a significant boost in government revenue.
"This temporary increase in vehicle imports was partly responsible for the strong revenue collection by the government," he said.
However, the Governor noted that this trend is short-term and that demand is already beginning to normalise.
CBSL data shows that vehicle import expenditure reached USD668 million during the first seven months of the year.
Imports in July accounted for USD193 million of this total.
This suggests that the Governor anticipates vehicle imports worth USD830 million during the remaining five months of the year.
Dr. Weerasinghe explained that the temporary surge in vehicle imports, following the relaxation of import restrictions, partially contributed to a significant boost in government revenue.
"This temporary increase in vehicle imports was partly responsible for the strong revenue collection by the government," he said.
However, the Governor noted that this trend is short-term and that demand is already beginning to normalise.
