Egypt's 'Target' and 'Time' Cigarettes See Price Hike Amidst US Dollar Surge

Prices for two popular cigarette brands, "Target" and "Time," have increased in the Egyptian market by one Egyptian pound per pack. This adjustment was announced by the Tobacco Division of the Federation of Egyptian Industries and follows a recent rise in the US dollar's exchange rate against the Egyptian pound. Mansour International is currently the sole company to have implemented this price increase.

The head of the Tobacco Division, Ibrahim Imbabi, confirmed that the price of "Target" cigarettes has moved from EGP 47 to EGP 48 per pack, while "Time" cigarettes now cost EGP 58, up from EGP 57.

This price adjustment reflects the ongoing monitoring of exchange rate fluctuations by cigarette companies. Imbabi noted that the appreciation of the US dollar, which has surpassed the EGP 55 mark, is a significant factor influencing these pricing decisions.

Furthermore, companies are reportedly preparing to adjust their price brackets starting November 5, potentially leading to further price increases of up to 12 percent. The market is closely observing these developments, as companies weigh the impact of dollar exchange rate movements and other economic shifts on their production costs and pricing strategies. Any future price hikes will be subject to official announcements from the companies themselves.