Govt. to ease import restrictions on public transportation vehicles

Monday, 14 August 2023 02:54 –      – 69

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State Finance Minister Ranjith Siyambalapitiya


 

The Government has announced its decision to alleviate import restrictions that were previously imposed on specific vehicles intended for public transportation use.

State Finance Minister Ranjith Siyambalapitiya confirmed that this move is intended to facilitate the enhancement of the public transport sector in the country.

He detailed that the relaxation of import restrictions will apply to lorries, trucks, and buses that are employed for public transportation purposes. “To implement this decision, a Gazette notification is currently in preparation and is expected to be officially issued within the coming week,” he said.

Although this easing of import restrictions is geared towards boosting the public transportation landscape, financial experts are predicting that the import of other vehicle types might experience extended delays due to the existing state of foreign exchange reserves.

The analysts also underscored that a surge in vehicle imports could potentially trigger an increase in the value of the dollar against the rupee, thus underscoring the delicate balance between boosting the vehicle market and managing economic stability.

 

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