September, 9, 2015
After the Sri Lankan Rupee depreciated significantly against the US Dollar, almost all motor vehicle importing companies are preparing to increase their prices, revealed inquiries made by www.adaderanabiz.lk, which first revealed last Monday (07 September) that vehicle prices were to go up due to the depreciating Rupee.
A senior official of Toyata Lanka Limited which imports brand new Toyota vehicles into Sri Lanka said that in the near future the prices of the Toyota Prius, Camri, Hilux and Toyota Hiace would increase by about Rs. 100,000 to Rs. 300,000.
“This increase will be comparative to the prices of the vehicles. Generally, the prices of the cheapest vehicle will increase by some Rs. 100,000 and the most expensive by about Rs. 300,000,” said the official.
Meanwhile, an official from Associated Motorways (AMW) which sells Sri Lanka’s most popular Suzuki Alto, Suzuki Celerio, Suzuki Swift and Alto K 10 said the prices of these vehicles too would go up by around Rs. 75,000 to Rs. 100,000 each.
“Currently we are calculating the prices. Right now, we can say only the approximate increases,” he said.
An official from Uni Motors which imports the Malaysian manufactured Axia motor vehicles said under these situations their vehicle too could increase by around Rs. 75,000.
The vehicles sold by Micro Motors too would increase by around Rs. 25,000 to Rs. 30,000 said a company official.
Meanwhile, Sri Lanka Vehicle Importers’ Associan chairman Indika Sampath Merinchige said the prices of a Toyota Prius, Honda Vezel etc would increase by some Rs. 300,000 and a Wagon R and Nissan Leaf by some Rs. 150,000.
In the aftermath of the Sri Lankan Rupee showing a record depreciation against the US Dollar recently, the prices of motor vehicles imported into Sri Lanka too have risen by around 8 to 10 per cent, according to the Sri Lanka Vehicle Importers’ Association.
Association Chairman Indika Sampath Merinchige told www.adaderanabiz.lk that vehicles imported into Sri Lanka would increase by around 6 per cent on the long term.
The Sri Lankan Rupee showed a significant depreciation against the US Dollar in the money market last Friday when the Central Bank allowed it to float without its intervention. At close of market last Friday (04 September) the Rupee stood at nearly Rs. 138 as against the Dollar.
The Central Bank of Sri Lanka decided to stop its intervention in the foreign exchange market unless necessary.
Since China depreciated its Yuan on 11 August up to now, the Indian Rupee has depreciated by 3.9 per cent, the Malaysian Ringgit by 08 per cent and the Indonesian Rupiah by 4.5 per cent.