The Maldives Industrial Fisheries Company Limited (MIFCO) established the fish purchasing rate at USD 1.30 per kilogramme on 9 June, noting favourable adjustments for fishermen will continue during this period, the state corporation has announced.
A nationwide downturn in fisheries production has contracted catch volumes, driving up market demand. In response, the state corporation initiated progressive pricing adjustments on 7 June, when it procured fish at USD 1.20 per kilogramme, a figure officials anticipated would rise. Amid the decline, MIFCO rates have surpassed private enterprise averages.
The purchasing rates from fishermen will undergo changes during this period, Mohamed Anas, the Managing Director of MIFCO, said in an interview with PSM News. The purchasing price is fundamentally dictated by supply and demand, he noted, adding that the corporation strives to offer the highest rates in alignment with government policies.
To maximise profitability, the government is pursuing strategic initiatives, including diversifying fish-based commodities, developing value-added products, and fortifying export mechanisms for quality control. Authorities are expanding cold storage infrastructure to ensure local fish products consistently supply international markets during low domestic catches.
The premium rates will be honoured on 9 June at processing facilities in Felivaru, Kooddoo, and Addu, officials confirmed. Procurements will simultaneously occur across regional harbour centres in Thinadhoo, Faresmaathodaa, Gadhdhoo, Ihavandhoo, and Fuvahmulah City.