Egypt ups prices of cigarettes

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.