MIFCO raises fish prices to MVR 18.50

State-owned fisheries company MIFCO increased fish purchasing price to MVR 18.50 per kilogram, returning to pre-Iran conflict levels. The price had been reduced to MVR 17.00 due to rising global fuel costs. MIFCO noted that even at MVR 16.00, it incurred losses, and government subsidies are needed to sustain the price. The company faced low catch rates and unpaid dues to fishermen, which have been addressed with Bank of Maldives.

State-owned fisheries company MIFCO increased fish purchasing price to MVR 18.50 per kilogram, returning to pre-Iran conflict levels. The price had been reduced to MVR 17.00 due to rising global fuel costs. MIFCO noted that even at MVR 16.00, it incurred losses, and government subsidies are needed to sustain the price. The company faced low catch rates and unpaid dues to fishermen, which have been addressed with Bank of Maldives.

State-owned fisheries company MIFCO increased fish purchasing price to MVR 18.50 per kilogram, returning to pre-Iran conflict levels. The price had been reduced to MVR 17.00 due to rising global fuel costs. MIFCO noted that even at MVR 16.00, it incurred losses, and government subsidies are needed to sustain the price. The company faced low catch rates and unpaid dues to fishermen, which have been addressed with Bank of Maldives.

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