Sri Lanka Opens $450M in LCs for Vehicle Imports

COLOMBO (News 1st); The Central Bank of Sri Lanka has confirmed that Letters of Credit (LCs) amounting to USD 450 million have been opened for vehicle imports in recent months.

The announcement was made by Central Bank Governor Dr. Nandalal Weerasinghe during a media briefing held yesterday.

Dr. Weerasinghe stated that approximately USD 200 million worth of vehicles have already been imported under the current import arrangements. 

He noted that the total value of LCs opened so far indicates a significant increase in vehicle import activity, which is expected to continue over the next three months.

“According to the import statistics, around USD 200 million worth of vehicles have already arrived. The total value of LCs opened so far is about USD 450 million,” Dr. Weerasinghe said. “This process has been gradually increasing week by week, and we believe this amount has been opened over the past five months.”