The Central Bank of Myanmar issued a statement on August 2 outlining the points to be followed by the local private banks in appointing foreign staff including a ban on the appointment of foreigners as chair or vice chair.

The statement says the Central Bank has already adopted the points for the local private banks to follow in hiring foreign citizens with their own responsibility and accountability. This statement comes for the banks to follow the points on appointing foreign staff including advisers if cases arise in which the foreign staff they appointed are due to complete their duties, they have been absent from their duties or if they are due to resign. The points adopted are to ensure that those banking operations continue smoothly.        

Banks are to report to the Central Bank about the appointment of any foreign staff 30 days ahead of their confirmed employment. As such, large banks are allowed to appoint not more than 25 foreigners, middle-scale banks not more than 15 foreigners and small banks not more than eight foreigners. The banks, however, should appoint Myanmar citizens as many as possible, the statement points out.  

If a foreigner is appointed as chief executive officer, deputy shall be a Myanmar citizen. For hiring a foreigner as head of department, only up to 50 percent of the all departments under a bank shall be allowed to do so. If head of department is a foreigner, deputy head must be a Myanmar citizen.  

Documents related to benefits expected from the foreign appointees, their expertise and projects and training they will take charge are to be sent together with their personal details to the Central Bank.  

Moreover, the banks have to take responsibility for their foreign staff in respecting the existing laws in Myanmar. If they are found violating the laws or lacking proper conduct, reports must be sent to the Central Bank, the statement says.