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Sunday, October 24, 2021

Here is the Central Bank's proposal for vehicles to catch two birds with one stone

The Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal has stated that the Central Bank of Sri Lanka will submit a written proposal to the Government to make the relevant taxes and other payments on foreign exchange for the importation of vehicles into the country.

He was speaking at a media briefing today (Jan. 14).

He said one of the functions of the Central Bank was to maintain financial stability and the stability of the financial system and if there was an increase in the price of a commodity or portfolio, they would be wary of it.

“We now see a bubble with regard to vehicles. It may cause some damage to our system in the future. Therefore, we have a proposal, if we can import vehicles with foreign currency, and if we can devise a methodology to pay the required taxes in foreign exchange, then on the one hand we will have a foreign exchange inflow.

On the other hand, the country gets the product it needs. We hope to inform the government in writing by tomorrow. The government can be concerned about that. We think we need to face a situation like this. On the one hand, it is expensive, on the other hand, people need it. On the other hand, this proposal has some positive effects in all respects, such as the establishment of a system for the inflow of foreign currency to Sri Lanka. As the Central Bank we can give it as a proposal. ”The Governor of the Central Bank Ajith Nivard Cabraal further stated.

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