Its revealed that although LCs worth about USD 1.8 billion have been opened, only around USD 1.2 billion worth of vehicles have been imported into the country to date. This accounts for roughly 60% of the total value of approved imports.
Initially, the Government allowed vehicle importers to open LCs up to a value of USD 1.2 billion. However, as that threshold was reached, the limit was gradually increased to USD 1.8 billion. The Deputy Minister added that this revised limit has now also been reached.
According to the Ministry, around 250,000 vehicles have been imported to Sri Lanka so far under these approved LCs, contributing to a significant increase in vehicle registrations across the country.
