The Central Bank of Sri Lanka (CBSL) has the ability to manage foreign reserves if the government gradually relaxes vehicle import restrictions, Governor of the Bank Dr. Nandalal Weerasinghe said on Tuesday.

Dr. Weerasinghe pointed out that the gradual easing of vehicle imports was an important decision.

He further expressed that the Central bank was confident it could manage foreign reserves with the systematic easing of vehicle imports.

Stating that the easing of vehicle imports was a government policy decision, Dr. Weerasinghe said that vehicle imports for certain sectors have been permitted by the authorities at present.

Central Bank Governor Dr. Nandalal Weerasinghe made the remarks while addressing the media yesterday.Sri Lanka imposed a ban on vehicle imports following the impacts of the coronavirus pandemic in 2021/2022 and continued with the decision due to the subsequent economic crisis faced by the nation.

However, the government commenced providing exemptions to vehicle imports in phases from 2023 subject to conditions and based on the necessities of various sectors, such as health and tourism.