Maldives Industrial Fisheries Company (MIFCO) has increased its fish purchase price to MVR 20 per kilogram, citing changes in supply and demand during the current low fishing season.

Fishing activity has declined across the Maldives in recent weeks, resulting in lower fish supply and increased demand. As a result, the State-owned fisheries company has revised its fish purchase prices, with the new rate taking effect this week.

Speaking to State Media, MIFCO Managing Director Mohamed Anas said fish purchase prices would continue to be adjusted in line with market conditions. He noted that purchase prices are largely determined by supply and demand, adding that the company is working to maximise returns for fishermen in line with government policy.

Prior to the latest adjustment, MIFCO was purchasing fish at MVR 18.50 per kilogram. The company had previously indicated that prices were likely to increase as fish supply declined. MIFCO said the current rate is higher than prices offered by private buyers during this period.

The Government has been undertaking several initiatives aimed at increasing returns from the fisheries sector, including expanding fish processing capacity, increasing the production of value-added products, strengthening export systems, improving cold storage facilities and facilitating exports during periods of low catch.

MIFCO currently purchases fish through its facilities in Kooddoo and Addu City, as well as collection points in Gaafu Dhaalu Thinadhoo, Faresmaathodaa, Gaddhoo, Ihavandhoo and Fuvahmulah City.