In order to ease the pressure on the Sri Lankan rupee, the government has taken a number of measures including a decision to suspend issuing of vehicles permits to Parliamentarians for a period of one year.
In a statement, the Finance Ministry said these temporarily measures are effective from midnight today.
Importation of vehicles for Ministries, Departments, Statutory Boards and State own Enterprises will also be suspended until further notice.
“Importation of vehicle using the concessionary permits issued to State Sector employees will be suspended for six months. No Letters of Credits (LCs) will be permitted to be opened based on these permits during this period,” it said.
The Loan to Value Ratio (LTV) for Hybrid vehicles will be revised from 70:30 to 50:50 basis and the importers of all vehicles other than buses, lorries and ambulances will have to keep a 200 percent cash margin at the time of opening of the LCs.
“Further, the requirement of 100 percent cash margin has been imposed for the import of refrigerators, air conditioners, televisions, perfumes, telephones, mobile phones, washing machines, footwear and tyres,” the Ministry said.
Though the measures will be effective temporarily, the Ministry said it will continuously monitor the exchange rate fluctuations and will take appropriate action accordingly.