The Central Bank of Egypt (CBE) decided to restrict the tenure of chief executive officers at public and private banks in Egypt to nine years whether consecutively or separately, the CBE said in a statement on Thursday.

If the term of any CEO exceeds nine years, the CBE General Assembly will have to choose a successor to the post during its meeting to endorse the annual financial statements for the fiscal year 2016, the statement added.

The aim of the decision is to qualify youth and new cadres to occupy prominent positions in major institutions, according to the statement.