A proposal by the CB to resume the import of cars paid in foreign currency

The Central Bank is expected soon forward a proposal to the government for consideration, urging to explore the possibility of resuming car imports paid via foreign exchange as vehicle imports remain suspended for 18 months, exerting pressure on the country’s foreign exchange since the onset of the pandemic last year.

Central Bank Governor, Ajith Nivard Cabraal looked at the merits of the proposal made by some sections recently to the effect of allowing vehicle imports paid through foreign currency as such a process, if could be put into place, would enable the people to bring down the vehicles they need without putting an additional pressure on domestic foreign exchange market.