Minister of Economic Development and Trade Mohamed Saeed has announced that the Government has been providing up to 50 per cent of US Dollars to businesses at the official rate in a bid to curb rising commodity prices.

Minister Saeed said the move was aimed at ensuring food security and keeping essential goods affordable.

Under the plan, the Cabinet has approved bulk imports of ten varieties of fruit, ten varieties of vegetables, and key staples including lentils, eggs, flour, sugar and potatoes. The Minister said the measure was intended to ease pressure on households struggling with soaring market prices.

Addressing reports that the cost of apples and oranges had risen sharply due to difficulties in securing US Dollars, Minister Saeed said the Ministry had investigated the issue. He noted that before President Dr Mohamed Muizzu took office, the Bank of Maldives allocated between 5 and 10 per cent of US Dollars at the official rate to small and medium-sized importers.

Since the change in administration, that allocation has risen to 50 per cent. Minister Saeed argued that, in light of this, concerns about US Dollar shortages were misplaced. He also questioned why prices had spiked by as much as 300 to 400 per cent despite the increased currency support.

The Government's current measures reflect its commitment to stabilising food prices and protecting consumers from further market shocks by tackling both supply and currency-related challenges.

State Trading Organisation (STO) Managing Director Shimad Ibrahim added that the company had imported food items during the past two Ramadan periods without relying on Government US Dollar payments. He explained that these imports were financed through STO’s own investment framework and arrangements with banks, emphasising that the intervention was not subsidised by the Government.

Shimad noted that STO began selling oranges in the local market last week, with both oranges and apples expected to be widely available from next week. Additionally, the company plans to begin importing 23 designated basic food items from 15 October.