Written by Staff Writer
17 Sep, 2018 | 9:10 pm
Colombo (News1st) – The Vehicle Importers Association says the depreciation of the rupee against the US dollar will result in an increase in the import price of a vehicle.
Speaking to News1st, President of the Vehicle Importers Association Indika Sampath Merenchige explained that the depreciation of the rupee will result in consumers having to spend more money to import vehicles. He noted that the according to the current trend the price of a Suzuki Wagon R could increase by around Rs 200,000 while the price of a Toyota Vitz could increase by as much as Rs 250,000.
The Sri Lankan rupee fell up to 0.7% and touched a fresh low of 164.80 per dollar on Monday, due to higher dollar demand from importers amid reluctant greenback sales by the exporters.
Speaking to News First, President of the National Chamber of Exports, Ramal Jasinghe commented on the impact the depreciation of the rupee would have on the impact on the local export community.
Jasinghe noted that the community is alarmed by the rate of depreciation. He explained that a majority of the value-added items created in Sri Lanka rely on imported goods as inputs and that the depreciation of the rupee could have an adverse impact on import expenses. He also noted that a majority of exporters in Sri Lanka rely on small margins and as such it is difficult for them to compete with competitors from other countries.
The President of the National Chamber of Exports stated that the hope the central bank would revisit their strategy in terms of non-intervention and take into consideration the alarming speed of depreciation.
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