Sri Lanka, Nov. 26 -- Sri Lanka's Central Bank Governor Dr. Nandalal Weerasinghe says that a large number of Letters of Credit (LCs) were opened this year due to "pent-up demand" following the lifting of vehicle import restrictions in February and that the demand for vehicle imports is expected to stabilize in coming months.

"Motor vehicle imports are now stabilizing. Obviously it is a little higher than we thought at the beginning of the year. Because of pent-up demand there is a large number of LCs opened in July, August and September."

"Now the number of LCs are coming down. That will reflect in the next couple of months. The demand for imports especially motor vehicle imports I think we'll see stabilizing and coming down," he told r...