Speaking at the Monetary Policy Review Meeting, Dr. Weerasinghe noted that demand had initially exceeded expectations due to a surge in letters of credit (LCs) opened in July, August, and September. However, demand has decreased over the past two months and shows signs of continuing to fall.
He added that this easing in demand is likely to result in lower motor vehicle prices. According to official data, Sri Lanka has imported vehicles worth over $1.2 billion.
