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Increase in dollar reserves and rupee value will enable vehicle imports: Siyambalapitiya

21 April 2024 09:11 am - 14     - {{hitsCtrl.values.hits}}

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Colombo, April 21 (Daily Mirror) - The gradual increase in dollar reserves and the rise in the value of the rupee expected in the future will enable the import of vehicles, Finance State Minister Ranjith Siyambalapitiya said.

Addressing a meeting in the Ruwanwella area, he said the committee appointed to carry out a high-level study to systematically remove restrictions on the import of vehicles is currently active.

Due to the economic crisis in the country, import restrictions were imposed on between 1,500 and 2,000 items, but due to the gradual recovery of the economy, these restrictions are now only effective on the import of vehicles.

This committee will make a list of the essential and indispensable vehicles for the country and accordingly these activities will be done in the future.

Also, the Minister said that future decisions on importing vehicles will be made by focusing on many factors such as which vehicles will be imported, whether used vehicles will be imported, for how long will used vehicles be imported, how many vehicles will be allowed on the country's highway system etc.

The Minister explained that in debt restructuring process, loan installments are set in a way that suits the country's economy and loan repayments are made accordingly, and that there will be no decrease in reserves due to these loan repayments.

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  Comments - 14

  • Sokrates Sunday, 21 April 2024 09:45 AM

    The problem is that vehicles can then be purchased for far less than their real value, as the Sri Lankan rupee is worthless on the world market. A potential buyer is given valuable dollars from the central bank's reserves in exchange for worthless paper. Of course, the government doesn't want that, as a high loss is made with every vehicle purchase. People here are constantly being led to believe that the rupee is becoming ever higher in value compared to the dollar. However, this is not true and borders on fraud. The central bank is manipulating the exchange rate on the orders of the Ranil regime to keep the population believing that the economy is improving and the rupee is increasing in value. Most people probably believe this too, since there are at least 6.9 million idiots in this country, as the last election showed.

    Dee Sunday, 21 April 2024 04:37 PM

    Stop worrying! That 6.9 million idiots are planning to vote for AKD this time. Hoping that ‘system change’ will happen and all will be good. Last time they hoped to ‘save the nation’ and messed up the country big time!

    Jude Sunday, 21 April 2024 10:36 AM

    Bad idea. Ban on importing vehicles should continue. Remember, soon government has to start re-paying the debt yeah the loans, government needs the forex reserves!! Siyabala wants to help his cronies because he'd taken money from vehicle importers to spend on elections and promising to lift the ban on vehicle imports.

    FredSnR Sunday, 21 April 2024 10:39 AM

    If you have the funds pay down your debts and improve public transport.There are tough times ahead for the global economy and Sri Lankans won't be immune.Small nations which are not prepared will suffer, even perish. Cars won't help them.Most people need finance to buy them and they all need expensive fuel to run them. And interest rates could rise not fall, so will the price of oil if conflicts persist

    Mohan Sunday, 21 April 2024 10:56 AM

    They are struggling to come to an agreement with the bond holders and he is talking about importing vehicles!

    Be Fair Sunday, 21 April 2024 11:07 AM

    I dont think we need vehicles imports immediately. Someone if trying to OIL the Machine in grand fashion it seem

    honestopinion Sunday, 21 April 2024 11:19 AM

    Sri Lanka's vehicle import ban presents a complex challenge. While lifting the ban could stimulate the economy, it might also exacerbate the country's reliance on expensive fuel imports. Increased fuel consumption: More vehicles would lead to higher fuel demand, putting pressure on Sri Lanka's foreign currency reserves as they import more oil. Taxation and recycling: Sri Lanka's high vehicle taxes (over 300%) unintentionally turn vehicles into long-lasting assets, hindering them from entering the recycling cycle. This contributes to a continuously growing vehicle population. Electric vehicles and the energy mix: Even a shift to electric vehicles might not be a complete solution. Sri Lanka's dependence on fossil fuels (42%, with 18% coal and 24% thermal oils) for electricity generation means increased electric vehicle use would translate to higher demand for these very fuels. Bad decisions on taxation by politicians have led to this.

    jibriah Sunday, 21 April 2024 11:48 AM

    When fantasies becomes reality you cannot get back to reality! Unfortunately we have set of voters who believe any rubbish which is uttered by ppl in power. And again how to blame the ppl in power too when u have voters who expect to live off anything free! Debt services for more than 10 billion usd has not even started on top of that we have obtained more loans from IMF and other possible sources. Any government comes the rupee value is not gonna go down. The moment the usd value goes down ppl living abroad will start sending money in other channels in order to maximise their earnings. So how does the usd reserves go up????? We get tourist who come here on a budget, we import even things we can grown or build here due to greed of importers.... How to improve the economy???

    Gabriella Sunday, 21 April 2024 11:48 AM

    Good ! I need a Ferrari so that I can drive to the Port City duty free mall and eat my pol sambol and rice in the car park.

    Trehan Munasinghe Sunday, 21 April 2024 12:43 PM

    Don't charge the people 200 - 300% duty for entry level vehicles, while all of you enjoy V8's BMW, Mercedes-Benz

    George Soro Sunday, 21 April 2024 12:53 PM

    And why should the Rupee become stonger? The country has more and more debt and is not paying back anything. The Rupee has to become weaker and weaker. Ah, I forgot something. There is no market worldwide for the SL Rupee, so how can it go up?? Ah, forgot again something, the FX rate is just another scam by the government. But nobody seems to know this, eventhough there seem to be so many "experts" who comment on topics like this.

    Election Gimmick- Huge Previous and New Loans Still Outstanding Sunday, 21 April 2024 01:14 PM

    Election Gimmick! Pay the Bondholders and see the USD$5 billion current reserves evaporate within a few days. Stop this nonsense that alls well. Besides other outstanding loans, SL is and will be Bankrupt for sometime to come. Find other ways to increase revenue (Not by increasing people’s taxes), if not this madness of living by the day of misery will continue for the average person.

    Joshua Sunday, 21 April 2024 08:28 PM

    It looks like the greedy politicians want the imports open.

    navratne willamune Monday, 22 April 2024 08:33 AM

    Creating artifical prosperity before looming presidential elections.what has IMF have got to say about this.Ranil is their man, most likely say nothing

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