Egypt's central bank has issued regulations that force banks to replace their chief executives after nine years in the job. One-fifth of the country's 40 banks are now expected to dismiss incumbents soon in an effort to comply.

The objective of the exercise, according to Tarek Amer, the governor of the central bank, is to inject new talent. The national press, however, believes the decision (made on Thursday) to be related also to Egypt's full participation in the currency wars that are gripping the world, with devaluations occurring everywhere as countries attempt to make their good cheaper on the world market. Egypt played its part in the 'race to the bottom' this month with a massive devaluation of the lira.

The list of banks that will be affected, according to a Bloomberg report, is substantial: Commercial International Bank Egypt and Qatar National Bank Alahly, the country’s biggest private banks, will be among them. Others include Arab African International, National Bank of Kuwait, Societe Arabe Internationale de Banque, Misr Iran Development, Faisal Islamic and Al Baraka.