Central Bank Governor Nandalal Weerasinghe announced that letters of credit worth USD 200 million have been opened since the resumption of vehicle imports.
He further stated that around USD 1 billion is expected to be allocated for vehicle imports this year.
Of that amount, another USD 800 million is anticipated to be allocated over the next nine months.
However, Governor Weerasinghe mentioned that it is still uncertain whether this allocation will have an impact on the country’s foreign reserves.
He made these remarks during a media briefing held at the Central Bank.
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