Sri Lanka vehicle registrations pick-up in Jan 2020

ECONOMYNEXT – Sri Lanka’s new automobile registrations picked up to 34,475 in January 2020, up from an unusually low 25,291 a month earlier, driven by a broad increase across categories, an analysis of the island’s vehicle registry data by JB Securities, a Colombo based equities brokerage showed.

The number was however lower than the 36,895 in January 2019, when a currency crisis ended triggering a slowdown in domestic credit and demand.

Sri Lanka was hit by a currency crisis in 2018 as the central bank cut rates in April and printed money to enforce it, just as the credit system was recovering from an earlier crisis.

Sri Lanka then slapped import controls to continuing liquidity injections but was finally forced to hike rates to reduce injections and slow credit.

Car registrations picked up to 2,536 units in January 2020, up from 2,057 in December, but down from 3,147 in January 2019.

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Motor cycle registrations picked up to 26,588 in January from 19,432 in December, but down from 28,114 in December.

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Three wheeler registrations picked up to 1,612 from 882 a month earlier, and closer to 1706 registered last January. (Colombo/Feb18/2020)

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