Vehicle imports drop remarkably: Minister

By Ajith Siriwardana and Yohan Perera

Colombo, July 23 (Daily Mirror) - Deputy Minister of Finance Anil Jayantha Fernando said today that vehicle imports have reduced remarkably after the imposition of the 50 percent surcharge on vehicle imports.

The Minister told Parliament that the average value of Letters of Credit (LCs) opened for vehilce imports during the first six months of this year stands at USD 3.5 million.

He said Letters of Credit (LCs) have been opened only at USD 1.8 million on July 20 and USD 1.9 million on July 21.

It was earlier revealed that Letters of Credit (LCs) valued at USD 23.71 million had been opened on May 15 on the cutoff date of the imposition of the surcharge.