Vehicle import craze cooling off? CBSL responds

Vehicle imports are expected to return to normal levels in 2026, Central Bank Governor Nandalal Weerasinghe said. He said Sri Lankans are likely to spend about 1.5 billion U.S. dollars on vehicle imports in 2025 — higher than the earlier estimate of 1 billion dollars — due to pent-up demand following the lifting of restrictions. Weerasinghe said the higher import levels, combined with significant taxes on vehicles, will boost government revenue and help reduce the budget deficit for the first time in several years. Industry observers note that demand for vehicles has already begun to ease after an initial wave…

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