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According to data Sri Lanka’s expenses on vehicle imports has doubled to 744 million US dollars for year 2015 compared to 374 million dollars in the same period last year.
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The margin will be effective from today October 02, 2015 Karunanayake said.
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The same step was last taken in 2013. Sri Lanka has imported about 491,000 vehicles for the eight months ended August this year.
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“We have more vehicles in Sri Lanka than we require at the moment.
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Even though we understand the need to have a vehicle,” Karunanayake said.
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“We are taking these measures to control it,” The loan to value ratio (LTV) for vehicles, however, will be increased back from 70 percent to 90 percent due to the imposition of the 100 percent margin deposit on LCs. "When we increase the LC margin, we can relax the loan value," Karunanayake said.
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“We received a lot of requests from banks and finance companies to relax the loan value as it was hitting the second hand car market.”
Why are inflows weaker this year vs. last year with the previous government ? Weren’t FDI’s going to take off with billions being saved from the lack of corruption? Or are Chinese funds being missed, with the upkeep of the jumbo national government cabinet being too much for the Treasury to bear?
FDI s will come only if there are opportunities that will give a reasonable return for the investor. Foreign companies will not invest for the sake of investing. Are they convinced that a reasonable return can be earned with long term prospects ? There are many countries offering attractive propositions.
Wealth is not with the government because UNP and SLFP screwed up the economy. Rupee is sliding due to rising wage to pay for government employees. What a policy!!!!! Who cares for interest rates when one can get better rates by investing abroad.
Without out privatisation. Sri Lanka can never attract investment. High indirect and direct taxes for stupid subsidies going to hurt Sri lanka more. Sri Lanka should help farmer by not subisiding any product.Let them evaluate what is suitable for export and good for their land. CEB is subsidising one customer at the expense of other customer. That is why CEB is unprofitable.
Sri Lanka needs to learn from Dubai a lot. by charging fees instead of taxes. Removing high tax rates . Sri Lanka needs to be a shoppers pradise in order to boost economy.
Good move
this is pure stupid – you cannot stop importation of vehicles when fuel cost is low. And just because you implement LC margin no one will stop importing. the whole economy has to be remodelled asap without having so called “pain killer tablets” put to phase the moment because all these measures have been done periodically with gaps of 2-3 years in between. Next we will see rise in interest rates to curb domestic spending. Neither of these will provide solution,
Sri Lanka has a very high cost of living thanks to the sloppy LKR – there is no strategy for this country to as to what we as a nation would aspire to become. Only fancy slogans – no action! this is why only handful of professionals chose to reside here and the rest migrate or find employment overseas – there is no patriotism given to citizens – just false hope and we end up going around the mulberry bush all the time!!
have said it before, these policies are decided by the used car mafia. they make the decisions and government stamp them.
first of all why shud we encourage import of used cars? most of it is those rejected by the japs.
secondly why do we import high power cars/ vehicles? we dont have juice to run big engines.
anyway what can u do with 3l BMW ? max speed in city is 56kmph and country is 72kmph. even the highway is 100kmph. do these people know that those cars are meant for autobhans in Germany that have 200kmph limits?
since independence these rubbish politicians have been making policy decisions that have taken us to the pits. if people thought yahapalanaya will be different – its the same shit in a different color. RUBBISH
can someone explain me the meaning of LC margin
Letter of Credit is established between bank to bank. the establishing bank does it on behalf of its customer and the correspondent bank accepts it on behalf of its customer (beneficiary).
If the establishing bank has reservations about either their customer or the correspondent bank then they will ask for a margin (this is is normal banking). if the bank thinks the customer is dodgy or the correspondent bank is dodgey (Russia is a good example), then it will ask for a margin.
A margin is more or less a grantee either in cash or kind. cash is understandable ; kind is some kind of tangible security.
margin can be a % of the value of the LC. it will vary from 0 -100 (again in normal banking).
however the kind of rules issued by central bank of sri lanka are more or less preventive or discouraging practice. rather than saying we will ban import of vehicles they have applied a condition that can be difficult to meet by smalltimers.
if i remember correct there was once a 300% margin on vehicle imports.
so the importer has to put in a escrow account cash value of the the LC.
now why would an importer open lc in this case instead of doing cash business , u will ask?
becoz sri lanka does not allow foreign currency transfers on a free float basis. central bank also has restrictions on the amount of cash u can send abroad.
it allows u to transfer over and above these limits, if u can provide proof and tangible evidence of the need (such as university education in a foreign country OR obtaining residence status in another country etc.) but import of vehicles on cash basis is not a valid reason LOL.
THIS IS ALL RUBBISH POLITICAL GIMMICKS … !!!
in addition to this certain conditions were there last time (dont know how it works now) that banks were restricted from giving credit facilities to importers to meet this margin. that means a bank cannot give say a short term loan or an overdraft to the customer and then transfer those funds to the escrow account to open the lc.
if u read my other post below, this rule is easily understandable.
who do u think has the free cash to park in an escrow account and open lcs? only the big players becoz others dont have so much liquidity.
it was obvious for all who know , why the loan to asset ratio was increased and this stupid condition was put in. after all the used car mafia is the ones who bankroll the politicians in their multimillion vote buying campaigns.