Vehicle imports to reach $ 1.5 b this year – CBSL Governor

Friday, 24 October 2025 00:28 - - {{hitsCtrl.values.hits}}

The value of motor vehicle imports is expected to reach $ 1.5 billion this year, up from the earlier projection of $ 1.2 billion, Central Bank Governor Dr. Nandalal Weerasinghe said yesterday.

According to CBSL data released in September 2025, vehicle imports reached $ 193 million in July, boosting the total to $ 668 million for the first seven months of the year. This means the Governor expects vehicle imports to total $ 830 million in the last five months of 2025.

Dr. Weerasinghe said the surge in vehicle imports following the easing of restrictions had temporarily boosted Government revenue. “The Government’s strong revenue collection this year was partly due to a temporary surge in vehicle imports,” Dr. Weerasinghe noted.

The Governor added that the trend was short-term, with demand now normalising. “Revenues will stabilise next year as the pent-up demand is met,” he said.

The relaxation of import restrictions earlier this year led to a spike in vehicle imports after nearly four years of tight controls, contributing significantly to customs and excise revenue. The Central Bank expects the impact to moderate as demand returns to typical levels in 2026.