Sri Lanka, Sept. 30 -- The demand for vehicle imports is gradually declining further, Central Bank Governor Dr. Nandalal Weerasinghe said at the Monetary Policy meeting today.

He said the decline was mainly due to a slowdown in August and is expected to continue. "Even the letters of credit (LCs) opened for future imports are also coming down," he said.

He added that the tightening of loan-to-value (LTV) ratios and the government surcharge had also contributed to the decline.

It was also noted that imports of several other categories, including fuel, had declined.

Published by HT Digital Content Services with permission from Hiru News....