The Vehicle Importers Association of Sri Lanka says there is a possibility for the ban imposed on Vehiclr imports to be extended for the next two years.
President of the Association Sampath Merenchige said it is nearly six months since the ban on imports was temporarily imposed in April due to the coronavirus pandemic.
The number of imported vehicles currently available in Sri Lanka are gradually decreasing and are being sold at a higher value, he said.
Stating that a ban was imposed on the importation of non-essential goods due to issues pertaining to the Government Reserve, Sampath Merenchige further said they were informed it was a temporary move.
He also advised the public not to purchase vehicles for an unreasonably high price. He said prices are high because of the current high demand and less supply.
Nearly 40% vehicle importers have become bankrupt as a result of the current situation, Sampath Merenchige added. (NewsWire)
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