The Sri Lanka Vehicle Importers Association has raised concerns over difficulties in importing Japanese vehicles, despite the government granting permission for vehicle imports.
According to the association’s chairman, Indika Sampath Meranchige, Japanese banks are now rejecting letters of credit issued by local banks, creating a significant barrier for vehicle importers.
As a result, vehicle imports are currently dependent on the personal credibility and financial capability of individual import companies and importers.
Meranchige further stated that while an alternative banking method exists to address this issue, it incurs additional costs, ultimately leading to higher vehicle prices in the market.
