Central Bank of Sri Lanka Governor Nandalal Weerasinghe says Sri Lanka has already spent nearly USD 600 million on vehicle imports during the first three months of 2026, raising concerns that annual expenditure could significantly exceed earlier projections.
Speaking at a media briefing held on Monday (18), Dr. Weerasinghe noted that if the current pace continues, vehicle import costs could reach around USD 2.4 billion by the end of the year, surpassing last year’s figure of USD 2 billion.
He explained that spending on vehicle imports in 2025 had already exceeded expectations.
“We initially thought it would remain between USD 1.5 to 1.7 billion, but when it reached USD 2 billion, Treasury revenue increased further. That was one reason government revenue performed better than expected,” he said.
The Governor added that the Ministry of Finance Sri Lanka had forecast lower vehicle imports for 2026 compared to 2025, but current figures suggest imports are rising beyond those estimates.
“According to current data, approximately USD 600 million worth of vehicles were imported during the first three months of 2026. If this trend continues, imports could total USD 2.4 billion by year-end, exceeding last year’s level,” he stated.
Despite the increase in import expenditure, Dr. Weerasinghe emphasized that government tax revenue targets do not currently appear to be under threat.
“At present, it does not seem to negatively affect government revenue,” he added.
