The Central Bank of Egypt raised the US dollar exchange rate against the Egyptian pound by five piasters Sunday to EGP 7.19 to the dollar in the official market. The USD has jumped dramatically after remaining stable for the last six months at EGP 7.14. The dollar value in the black market rose to a record EGP 7.84 from EGP 7.70. In parallel, the Monetary Police Committee affiliated to CBE decided to cut the overnight deposit and lending rates by 50 basis points to reach 8.75 and 9.75 percent respectively, according to CBE press statement on Jan. 15. These developments came on the back of the decline of international oil prices and the consequent revision in the international food prices forecast.