Sri Lanka, June 19 -- Labour Minister and Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando says there is no possibility of increasing prices for vehicles that had already been imported to the country by May 15.

Speaking to the media, the Deputy Minister also said that the government had not ruled out any move to suspend vehicle imports, while rejecting claims of a sharp surge in letters of credit (LCs). He said that recent import demand was already showing signs of moderation following the government's decision to impose a temporary surcharge on vehicle import duties aimed at easing pressure on foreign exchange reserves.

According to him, 380 LCs were opened on May 15 alone, covering 1,782 vehicles valued at US$ 23.71 mi...