Colombo, Sep 14 (FN Bureau) Sri Lanka plans to lift all vehicle import bans and restrictions by February 2025, according to its Minister of Foreign Affairs and Justice, M U M Ali Sabry. In a post on X, the minister said, “With the significant improvement in forex reserves and the strength of the rupee, the Cabinet of Ministers has decided to lift all vehicle import ban/restrictions by February 2025. This decision is part of our ongoing efforts to restore normalcy in the economy and meet the needs of our people. Sri Lanka introduced import restrictions on many goods, and banned vehicle imports, due to a foreign exchange crisis in 2022, an English newsportal, the Economy Next, reported.
Last month, President Ranil Wickremesinghe said the country will permit the import of vehicles in 2025 in stages as it needs the revenue from customs duty, the reports said. “Next year, we will be allowing the vehicle import by stages because we need the custom duty to make up for revenue. We’re waiting for; I think our reserves are being built up, so it should be in a position to allow the import of vehicles because duties from vehicle imports are a major source of revenue for the government we need for next year,” Wickremesinghe told heads of media organisations.