The Central Bank of Sri Lanka (CBSL) has clarified that no decision has been made to restrict vehicle imports.

A senior CBSL official stated that no communication or exchange of letters has occurred between the Central Bank and the Treasury on this matter.

Contrary to recent media reports, the CBSL has not issued any recommendations or warnings to limit vehicle imports.

Following the relaxation of import restrictions in February, around 18,000 vehicles have been brought into the country by the end of June.

Of these, 13,614 vehicles have already been registered with the Department of Motor Traffic.

In the five months since February, letters of credit worth approximately USD 800 million have been opened for vehicle imports.

So far, vehicles valued at around USD 450 million have been imported into the country.

The Central Bank emphasized that vehicle imports are financed through the commercial banking system and do not impact its official foreign reserves.

Currently, the CBSL holds foreign reserves amounting to USD 6.3 billion.

Economic analysts have echoed that vehicle imports do not affect the Central Bank’s dollar reserves.

Vehicle prices in Sri Lanka are significantly higher due to heavy import duties—for example, a Suzuki Wagon R FX-S costing Rs. 3.6 million in Japan ends up selling locally at around Rs. 8.6 million.

Similarly, the Toyota Raize, Honda Vezel X, Toyota Yaris Cross, and Toyota Land Cruiser Prado are sold at steep prices due to high import duties.

Meanwhile, around 300 imported vehicles are reportedly being held at Hambantota Port due to violations of import regulations.

The Ministry of Finance is expected to consult with Sri Lanka Customs to decide on the next steps regarding these detained vehicles.