Sri Lanka has already spent nearly USD 600 million on vehicle imports in the first three months of 2026, raising concerns that annual expenditure could climb well beyond earlier forecasts, Central Bank Governor Dr. Nandalal Weerasinghe said.

The Governor noted that if the current trend continues, vehicle import costs could reach USD 2.4 billion by year‑end, surpassing last year’s figure of USD 2 billion.

He explained that last year’s spending had already exceeded expectations: 

“We thought it would stop at USD 1.5 to 1.7 billion, but when it reached 2 billion, Treasury revenue rose even further. That was one reason revenue increased more than expected.”

Dr Weerasinghe added that the Ministry of Finance had forecast fewer vehicle imports in 2026 than in 2025, but current data suggest otherwise.

“Now, according to current data, in the first three months of 2026, about USD 600 million worth of vehicles have been imported. If that continues until year‑end, it means USD 2.4 billion in vehicle imports, higher than last year.”

Despite the rising import bill, he emphasised that government tax revenue targets do not appear to be at risk. 

“Therefore, at present, it does not seem to negatively affect government revenue,” he added.

Central Bank Governor Dr. Nandalal Weerasinghe disclosed the information while addressing a media briefing held on Monday (18). (Newswire)

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