Minister of Economic Development and Trade, Mohamed Saeed, has stated that as part of the government’s efforts to control prices, businesses are being provided dollars at the official rate up to 50%. The Minister said this while speaking to journalists about the government’s decision to ensure food security at affordable prices. The Cabinet has now decided that STO will import in bulk rice, sugar, flour, as well as the 10 most imported types of fruits and 10 types of vegetables, along with chicken, eggs, and potatoes, to be sold in the Maldivian market. The government has made this decision to ease the burden on citizens, as businesses have been increasing prices of commonly consumed items without control.
Speaking at the press conference, Minister of Economic Development and Trade Mohamed Saeed said that some parties had been claiming that the recent price increase in apples and oranges was due to difficulty in obtaining dollars. The Minister said that his ministry had looked into this issue. Minister Saeed stated that before President Dr. Mohamed Muizzu took oath, importers in the SME sector were receiving dollars from BML at the official rate between 5% and 10%. After President Dr. Muizzu’s oath-taking, with the recent changes, these businesses are now receiving dollars at the official rate up to 50%. Therefore, the Minister said that claims about not getting dollars are baseless.
“When addressing these two issues, it’s difficult to understand why prices need to increase by 300% or 400%, using apples and oranges as an excuse,” Minister Saeed said.
The Managing Director of State Trading Organization (STO), Shimad Ibrahim, said that even during the past two Ramadan months, STO imported food items without receiving dollars from the government. This is done through the company’s investments and arrangements with banks. “For the past two Ramadan months, we didn’t import items with dollars given by the government. We have made investments at STO. We get dollars through our arrangements with banks. This intervention is not being done by the government subsidizing through providing dollars,” Shimad said.
STO has started importing and selling oranges in the market since last week. The company has stated that from next week, oranges and apples will be continuously available in the market. Additionally, the 23 items identified as essential food items will also be imported by STO from the 15th of next month and provided to the public at affordable prices.
