Sri Lanka bans vehicle imports for one more year; saves 1 billion dollars
Sri Lanka Ministry of Finance has increased the ban on import of vehicles for another year.
The Ministry says that the country can save one billion US dollars per annum through this ban.
However, the vehicle importers urge the government to import vehicles.
To control foreign currency outflow, the government strictly imposed a complete ban on motor vehicles since March 2020.
Government sources say that Sri Lanka has sufficient stocks of vehicles for up to two-and-a-half years.
However, industry sources say that around 100,000 direct and indirect employees will lose livelihood due to the import ban.
(Photo: imported vehicles at Hambanthota port - via Daily News)