Thursday Nov 27, 2025
Thursday Nov 27, 2025
Thursday, 27 November 2025 06:20 - - {{hitsCtrl.values.hits}}
Central Bank (CBSL) Governor Dr. Nandalal Weerasinghe yesterday said the surge in vehicle imports that followed the lifting of the five-year import suspension has now tapered off, with pent-up demand largely exhausted by November.
Speaking at the post-Monetary Policy Review meeting media briefing, Dr. Weerasinghe noted that Letters of Credit (LCs) for vehicle imports, which spiked sharply in July, have since declined, indicating a normalisation of demand.
He added that import prices for vehicles are also falling, contributing to a more stable and predictable market.
“In July, August, and September, we saw a large number of imports. Now, the pent-up demand is over, and the demand has come down in November,” he said, acknowledging that the initial rush for vehicles was slightly higher than the CBSL had anticipated.
According to the latest CBSL data, vehicle imports, including both personal and commercial units, totalled $ 286 million in September, pushing total imports for the first nine months of 2025 to $ 1.2 billion.
The lifting of the temporary suspension on vehicle imports on 1 February 2025 had triggered a wave of deferred purchases, driving up demand through the third quarter.
Dr. Weerasinghe said as the market is now moving towards equilibrium, easing pressures on foreign exchange outflows, it helps to restore balance between supply and demand in the external sector for broader economic conditions to stabilise.
