Egypt's Cigarette Prices Rise for 'Target' and 'Time' Brands Amidst Dollar Surge

Prices for two popular cigarette brands, "Target" and "Time," have seen an increase of one Egyptian pound per pack in the local market. This adjustment follows an announcement by the Tobacco Division of the Federation of Egyptian Industries and coincides with the recent rise in the US dollar exchange rate against the Egyptian pound.

Ibrahim Imbabi, the head of the Tobacco Division, confirmed the price hike, noting that Mansour International is currently the sole company to have implemented these changes. The price of "Target" cigarettes has moved from LE 47 to LE 48 per pack, while "Time" cigarettes now cost LE 58, up from LE 57.

This price adjustment is attributed to cigarette companies closely monitoring exchange rate fluctuations. Imbabi explained that the appreciation of the US dollar, which has surpassed the LE 55 mark, is a significant factor influencing these pricing decisions. Companies consider such exchange rate movements when reviewing their product costs.

Furthermore, companies are reportedly preparing to adjust their price brackets starting November 5, which could lead to potential price increases of up to 12 percent. The market is keenly observing these developments, as companies continue to track dollar value shifts and other economic factors that may impact their pricing strategies. Any further price hikes will be subject to official announcements from the companies themselves.