Sri Lanka’s Rupee down, car prices up: Prius, Vezel rise by about 3 lakhs

September, 7, 2015

In the aftermath of the Sri Lankan Rupee showing a record depreciation against the US Dollar last Friday the prices of motor vehicles imported into Sri Lanka too have risen by around 8 to 10 per cent, say the chairman of the Sri Lanka Vehicle Importers’ Association.

Association Chairman Indika Sampath Merinchige told that vehicles imported into Sri Lanka would increase by around 6 per cent on the long term.

When a 6 per cent increase is looked at, 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, said Merinchige.

“So, the prices of all imported motor vehicles as well as spare parts will go up,” he added.

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.