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Egypt ups prices of cigarettes as part of economic reforms

Posted On: Jul 12, 2018   |   Posted By: National Post

CAIRO - Egypt hiked the prices of cigarettes on Thursday, the latest measure amid reforms designed to overhaul the country's troubled economy still reeling from a costly 2011 uprising.
The announcement was made by the chairman of Egypt's top cigarette manufacturer in a televised interview late Wednesday. Mohamed Haroun, Eastern Tobacco Company chairman, said his company will impose an increase of 1.5-3 Egyptian pounds, or about 8-17 cents, per pack of smokes.
The increase would, among other things, help fund a new health services system by over 3 billion Egyptian pounds annually, or $168 million, he said.
Egyptians consume about 83 billion cigarettes each year, according to Haroun. He noted that process of cigarettes had gone up about five times between 2014 and 2017.
Egypt recently introduced a new wave of price hikes for fuel, drinking water and electricity, as well as for new cellular phone lines and monthly landline phone bills. Prices for issuing passports and car licenses also went up steeply.
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