The Central Bank of Egypt (CBE) reduced the cash cover requirement that importers have to provide to banks to finance their import transactions from 100 percent to 50 percent, effective immediately, Al-Mal newspaper reported. “This move should facilitate importing transactions and boost imports growth,” investment bank Beltone Financial said in its daily market report. Over the past 11 years importers have had to secure a cash cover at banks worth 100 percent of the value of imported goods prior to opening letters of credit (imports of capital goods however were excluded from this requirement). Beltone said that under the new instructions, the CBE is giving banks the authority to decide on the cash cover ratio paid by importers, prior to issuing the letters of credit (or other import bank facilities) in accordance with each bank's credit policy, provided it is above 50 percent. The CBE instructions also highlighted the importance of linking the level of cash cover to the findings of the credit appraisal which banks prepare internally, prior to extending importers any credit facilities to assess the creditworthiness of the importer