Sri Lankans Should Be Allowed to Import Vehicles Using Their Own Dollars

Former Finance Minister Proposes Alternative Solution

Former Finance Minister and Member of Parliament Ravi Karunanayake has stressed that Sri Lankans should be allowed to import vehicles using their own US dollars or other foreign currency holdings.

He pointed out that such a mechanism would be the most practical solution because the responsibility and burden of securing foreign exchange would fall entirely on the importer rather than on the government or the Central Bank of Sri Lanka. According to him, this approach would help protect the Sri Lankan rupee without imposing strict restrictions on vehicle imports.

However, Ravi Karunanayake noted that Sri Lanka has continued to restrict vehicle imports for several months, with the government describing the policy as a protective measure. Nevertheless, he stated that many economists view the policy as counterproductive, arguing that restricting vehicle imports in this manner does not actually safeguard the rupee.

He further emphasized that Sri Lanka needs practical, market-oriented solutions that can generate revenue without creating artificial crises. He explained that easing unnecessary market distortions and black-market pressures would allow the country to benefit through customs duties and other taxes while maintaining healthier economic activity.