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Rapid increase in importing small cars during past nine months: CMTA

4 October 2018 09:21 pm - 6     - {{hitsCtrl.values.hits}}


There was a rapid increase in importing of vehicles less than 1,000 CC engine capacity to Sri Lanka in the first half of this year, The Ceylon Motor Traders Association (CMTA) today said.

While issuing a statement they said, 90% of the small vehicles had been imported during the past nine months and 86% of them were brought through the Grey market.

“Many of these vehicles were imported by individuals or private dealers who have the capacity to stock large volumes. Those unregulated imports demanded the sources to take stern action for vehicle imports by the Government,” the CMTA said.

The association admitted the Government’s action in response to the sudden depreciation of the LKR and thereby needed to adopt policies to control imports.

The Government had decided to control the vehicles import by adopting a mandatory 200 % cash margin on establishing the Letter of Credit (LC’s) for importing vehicles, temporary suspension of ‘permits’ and the adjustment of Loan to Value (LTV) ratio for vehicle financing.

Therefore, the CMTA suggested the Government should implement a scheme to register vehicle importers to the control importing vehicles. (Chaturanga Samarawickrama)

  Comments - 6

  • Be Fair Thursday, 04 October 2018 09:59 PM

    Seems you are not sleeping now. Fact remains the other importers are stronger than you. Do they dictate the market now?

    SELVAM Friday, 05 October 2018 06:59 AM

    Hah... this is what i wanted theae ******* can not control the market...

    Arnold Friday, 05 October 2018 07:25 AM

    With the money sent to import these cars a good light railway system could have been built in Colombo. People spend all their life savings on cars and keep spending a good portion of their income on maintenance and fuel ONLY due to the lack of a decent public transport system.

    Ahmed Saturday, 06 October 2018 07:42 AM

    i am wondering what happened to colombo light rail project

    nizam Friday, 05 October 2018 10:46 AM

    If people are staving I wonder how is it that there is an increase in exports? There also should be a control on credit facilities where people are falling into debt traps.

    Ahmed Saturday, 06 October 2018 07:47 AM

    this country should change a lot of things. sri lanka should ask car manufacturing companies to assemble and manufacture in sri lanka. this can generate jobs for sri lankans while saving the foreign reserve. car imports should help the rupee at all. 2ndly sri lanka should improve the standards of public transport by not allowing private sector to run buses within any city. government should run the bus. long routes between two cities can be given to private sector if they want

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