Regulatory Alerts2014-06-06 | 02/17/600/0003/002Compliance with Banking Act Requirements for Valuation of Immovable Property
The Central Bank of Sri Lanka mandates licensed commercial and specialized banks to comply with the Banking Act Directions No. 1 of 2014 regarding immovable property valuation. These institutions must align their external professional valuation reports and revaluation reserves with specific capital adequacy and loan classification directives from 2007 and 2008. The directive simultaneously revokes the April 1999 circular governing valuer selection criteria for fixed asset revaluation computations.
Share