President Muizzu exposes business cartels behind essentials price hikes

President Mohamed Muizzu accused private businesses of deliberately inflating market prices for political purposes. He spoke in Vaavu Felidhoo during an atoll tour, highlighting the government's decision to import 20 essential fruits and vegetables through the State Trading Organization (STO) to counter price manipulation. Muizzu noted that an amendment requiring resorts and guesthouses to deposit dollar earnings into local banks increased foreign currency availability, reducing import costs. However, he alleged that some business interests disrupted the market as prices began to fall. Examples included apples and oranges, whose prices fell after STO intervention. Muizzu defended the policy in his weekly podcast, emphasizing the government's role in ensuring market stability.

President Mohamed Muizzu accused private businesses of deliberately inflating market prices for political purposes. He spoke in Vaavu Felidhoo during an atoll tour, highlighting the government's decision to import 20 essential fruits and vegetables through the State Trading Organization (STO) to counter price manipulation. Muizzu noted that an amendment requiring resorts and guesthouses to deposit dollar earnings into local banks increased foreign currency availability, reducing import costs. However, he alleged that some business interests disrupted the market as prices began to fall. Examples included apples and oranges, whose prices fell after STO intervention. Muizzu defended the policy in his weekly podcast, emphasizing the government's role in ensuring market stability.

President Mohamed Muizzu accused private businesses of deliberately inflating market prices for political purposes. He spoke in Vaavu Felidhoo during an atoll tour, highlighting the government's decision to import 20 essential fruits and vegetables through the State Trading Organization (STO) to counter price manipulation. Muizzu noted that an amendment requiring resorts and guesthouses to deposit dollar earnings into local banks increased foreign currency availability, reducing import costs. However, he alleged that some business interests disrupted the market as prices began to fall. Examples included apples and oranges, whose prices fell after STO intervention. Muizzu defended the policy in his weekly podcast, emphasizing the government's role in ensuring market stability.

This story involves 1 source and may affect public understanding of price control / economy.