Vehicle importers have noted that prices of vehicles will have to be increased as the rupee has been continuously depreciating against the US dollar.
The selling rate of a US dollar stood at 170 rupees and 65 cents as at yesterday.
Accordingly, vehicle importers noted that the prices of vehicles are likely to go up by at least 250 thousand rupees.
President of the Vehicle Importers Association of Lanka, Indika Sampath Merenchige noted that the prices of luxury vehicles might increase by 600,000 – 800,000 rupees.
President of the Sri Lanka Vehicle Importers’ Association, Ranjan Peiris also noted that the prices of motor vehicles may increase by a minimum of about 300 thousand rupees with the depreciation of the currency against the US dollar.
He further stated that the 100% margin deposit requirement when opening Letters of Credit will also result in the prices of vehicles being increased.
Imposing the margin deposit requirement, the Central Bank noted that it expects the requirement to result in a drop in the number of vehicle imports.