Vehicle prices may go up by 9% due to exchange rate hike: VIASL

23 March 2018 10:00 am

The prices of imported vehicles were likely to increase by at least 9 percent because of the increase in the exchange rate of Japanese Yen, Sterling Pound, Australian and US dollars, Vehicle Importers Association of Sri Lanka (VIASL) said today.

Speaking to the Daily Mirror VIASL Chairman Ranjan Peiris said the selling rate of a Japanese Yen had increased up to Rs.1.50 from Rs.1.37.

“Small vehicles such as Suzuki Wagon R and Toyota Vitz will be increased by Rs. 250,000. This will only be applicable for future vehicle imports,” he said.

“At the 2017/18 Budget proposals, import duties were slashed to 8 percent from 12 percent for some motor vehicles, including those are less than 1000cc.

“Therefore, the VIASL requests people to buy from existing vehicle stocks before the price increase,” Mr. Peiris said. (Chaturanga Samarawickrama)