The Finance Ministry has warned the Central Bank that the increase in vehicle imports after the lifting of the ban on vehicle imports could have an adverse impact on foreign reserves.
The Finance Ministry has also asked the Central Bank to take precautionary measures in this regard.
A senior Finance Ministry official said that letters of credit worth US$ 742 million have been opened in the five months since the lifting of vehicle import restrictions.
The Finance Ministry has pointed out that the outflow of US dollars could have a serious impact on foreign exchange reserves as well as exchange rates. As a result, imports of essential goods including fuel could also be affected