Central Bank of Sri Lanka Denies Any Move to Restrict Vehicle Imports
10-Jul-2025.
The Central Bank of Sri Lanka has emphasized that no decision has been taken to restrict vehicle imports.
Contrary to media reports, a senior Central Bank official clarified that there has been no correspondence or exchange of letters between the Central Bank and the Treasury on the matter.
Following the economic recovery after a prolonged crisis, vehicle imports for personal use were permitted from February 1, after five years.
Between February and June 2025, approximately 18,000 motor vehicles have been imported.
Of these, 13,614 vehicles were registered with the Department of Motor Traffic.
Letters of credit worth USD 800 million have been opened for these imports in the past five months, with vehicles valued at USD 450 million already imported.
On July7, some media claimed the Central Bank had warned the Treasury about restricting vehicle imports.
When inquired, a senior Central Bank official confirmed that no such letters or guidance were issued.
Moreover, the official noted that vehicle imports are transacted through commercial bank dollar reserves and have no impact on the Central Bank’s foreign reserves, which currently stand at USD 6.3 billion.
Economists point out that vehicle imports do not affect the Central Bank’s reserves.
A market assessment by Ada Derana found the following approximate prices:
Suzuki Wagon R FX-S: Imported at Rs.7.4 million; sold at Rs.8.6 million.
Toyota Raize 1200cc Hybrid: Imported at Rs.13.8 million; sold at Rs.16.5 million.
Honda VEZEL X: Imported at Rs.17.8 million; sold at Rs.21 million.
Toyota Hilux GR Sport: Imported at Rs.28.5 million; sold at Rs.32 million.
Toyota Yaris Cross: Imported at Rs.15.4 million; sold at Rs.19.5 million.
Toyota Land Cruiser Prado 250: Imported at Rs.58.5 million; sold at Rs.65 million.
Meanwhile, about 300 vehicles have been imported in violation of regulations and are held at Hambantota Port, pending further decisions by the Ministry of Finance in consultation with Sri Lanka Customs.
