Sri Lanka, Oct. 24 -- Sri Lanka is likely to spend over US$1.5 billion on vehicle imports this year, according to Central Bank Governor Dr. Nandalal Weerasinghe.

This expenditure exceeds the previously anticipated figure of US$1.2 billion, mainly due to the high demand that arose following the removal of the import ban.

Dr. Weerasinghe expressed these views at the "Central Bank's Policy Agenda for 2025 and Beyond" programme held in Colombo.

It is expected that the total revenue generated from these vehicle imports will reach Rs. 450 billion by the end of 2025, providing a significant contribution to the government's annual revenue targets.

However, Dr. Weerasinghe stated that while the demand for vehicles initially surged, it is now s...