Sri Lanka Tightens Curbs on Imported Cars

Amid the ongoing war tensions in West Asia, the Sri Lankan government has taken a key policy decision to protect its foreign exchange reserves and prevent a fall in the value of its currency. As part of this move, the government plans to discourage the import of foreign cars for at least the next three months.

Sri Lankan President Anura Kumara Dissanayake, who also handles the finance portfolio, issued orders imposing an additional 50 percent surcharge on imported cars. This surcharge will be levied over the existing 30 percent customs duty on foreign vehicles. However, motorcycles and auto-rickshaws have been exempted from the new restrictions.