Business

Vehicle leasing rates limited to 70% of the cost compared to 100 % earlier - CB directive

15 September 2015 - 172   - 0

  Banks, finance and leasing companies were directed by Sri Lanka's Central Bank on Monday to follow new leasing rates which have been set at a maximum 70 per cent per vehicle. Earlier potential vehicle owners could lease vehicles at 100 per cent of the value of the vehicle, which had led to surge in imports and traffic jams on Colombo roads. The increase in imports had also put pressure on foreign exchange reserves resulting in the authorities allowed a free float of the dollar, 10 days ago. - ENDS -

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