The Administrative Court ruled on Sunday to suspend a decision issued by the governor of the Central Bank of Egypt (CBE) that would have limited the tenure of the heads of banks to nine years.
Tarek Amer, the CBE’s governor, issued a decision at the end of March limiting the tenure of bank heads to nine consecutive or intermittent years.
Amer had said at the time that the decision aims to prepare a second generation of experts and bankers to pump new blood into the banking system.
Sunday’s ruling is not final, as it could still be appealed before the Supreme Administrative Court.
When the decision was issued, the CBE had said that if a bank’s chief has exceeded a nine-year term by 31 December 2015, they would be able to continue serving until the first meeting of the bank’s general assembly in order to approve the annual financial statements for the fiscal year 2016, subject to the CBE’s approval.