President Anura Kumara Dissanayake announced that new vehicle imports to Sri Lanka will come at higher prices than second-hand vehicles due to economic stabilization measures and the protection of financial institutions.
Speaking on Sirasa Satana, he highlighted the need for a balanced import policy, warning that a steep decline in second-hand vehicle prices could harm banks and leasing companies, potentially causing a financial crisis.
To manage foreign reserves effectively, the government has allocated $1.2 billion for vehicle imports in 2025, compared to $1.9 billion in 2018 and $1.4 billion in 2019.
The President emphasized the importance of regulating imports to avoid depleting foreign reserves and preventing another economic crisis.
Vehicle imports will resume in February 2025 under strict controls to prevent sudden dollar outflows, ensuring imports are spread evenly throughout the year.
The President also confirmed that vehicles cannot be imported using previously issued permits and import restrictions will result in higher prices for new vehicles.
