Commenting on the matter, representatives of the Vehicle Importers’ Association of Sri Lanka called on authorities to provide relief measures for vehicles that have already been imported or for which Letters of Credit (LCs) have already been opened.
Vice President of the Association, Arosha Rodrigo, stated that the reduction in the loan-to-value (LTV) ratio would weaken consumers’ purchasing capacity and affordability, directly affecting vehicle imports.
Meanwhile, Association President Prasad Manage criticized the sudden amendment to leasing regulations, noting that leasing facilities previously available up to 50 percent had now been reduced to 40 percent.
He said the revised regulations would create difficulties for importers in selling vehicles that had already been brought into the country.
Prasad Manage further stressed that policy revisions of this nature should have included concessionary measures for vehicles already imported or for shipments where import procedures had already commenced.
