The Administrative Court has ruled that the Central Bank of Egypt (CBE)’s decision to set a nine-year term limit for banks CEOs is void. The Court accepted lawsuits that called for ifying the decision and ordered the decision to be cancelled. Governor Tarek Amer told Reuters that the CBE would not appeal the Court decision. The lawsuits were filed by Monir Yassin, General Assembly member of Commercial International Bank (CIB), and lawyer Ibrahim El-Salamouny as an owner of shares in various private banks. CBE’s decision that came out in March 2016 concerned public and private banks’ CEOs, as well as heads of foreign banks operating in Egypt and was aimed to "inject new blood" and modernise the public sector, CBE said at the time in a statement. The lawsuits argued that the CBE Governor, with this decision, was controlling what he does not own, referring to private banks. If implemented, the decision would have forced eight top executives to resign from their positions. (Ahram)   CIB: EGP39.81 as of 26 June 2016, Rating: Neutral, FV: EGP46.38 per share, MCap: USD5,173 million, COMI EY / COMI.CA