Sri Lanka, June 9 -- Financial institutions in Sri Lanka have opened Letters of Credit (LCs) worth USD 530 million this year for the importation of over 70,000 vehicles, according to the Ministry of Trade, Commerce, and Food Security.

Deputy Minister of Trade, Commerce, and Food Security, R.M. Jayawardana, stated that the market is now open for diverse vehicle imports, as the government has no intention of regulating specific vehicle types following the relaxation of the vehicle import ban in January.

These figures, applicable for the first five months of the year, are in line with the government's targets, according to Department of Trade and Investment Policies Director General M.K. Pradeep Kumara.

Despite speculation that high price...