Regulatory Alerts2019-01-04 | Circular No. 01 of 2019Guidelines for the Employment of Expatriate Officers in Licensed Banks in Sri Lanka
The Central Bank of Sri Lanka has issued guidelines requiring licensed banks to prioritize local officers and establish succession planning before employing expatriate executives, consultants, or advisors. Approvals are granted on a case-by-case basis for specific skills gaps and projects, with permitted expatriate numbers capped at one to ten depending on local staff size and validity periods extending up to four years. Licensed banks must submit detailed applications, conduct annual performance reviews, and obtain visa recommendation letters while ensuring proper conduct of all appointed foreign personnel.
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