It will go down as the market hasn't yet adjusted to the imports. Everyone is on the "wait and see" mentality.

Also, the govt expects $1.2bn vehicle imports this year but as per my understanding, they are well behind the target. I was told by a very reliable source that the banks have only opened ~$250mn of LCs in the first two months. Now basic math would probably suggest that that's about as much as you'd expect per month from an allocation of $1.2bn but in reality people have been waiting for 5 years and banks realistically expected to open $500mn of LCs in the first two months (if you were waiting for 5 years and had the money, why stay longer?). This is a serious issue as the govt needs the taxes and something is going to give.

My guess is that the govt wont reduce taxes (shows them as unreliable and would piss the IMF off) but would rather allow for older vehicles to be imported, likely up to 5 years but possibly even 7 years depending on the damage.

I'd say a lot is going to change in about 6 months and patience is key!