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MIFCO has raised its fish buying rate by MVR 1, with the latest increase bringing the price to MVR 22 per kilogram amid rising demand and market prices.
Mariyam Adheela
MIFCO has increased its fish purchase price for the fourth time in three months -- Photo: MIFCO
Maldives Industrial Fisheries Company (MIFCO) has raised the price it pays fishermen for fish to MVR 22 per kilogram. The latest increase comes as demand and market prices for fish continue to rise.
The company previously increased the rate from MVR 20 to MVR 21 on August 29. The latest MVR 1 increase marks the fourth adjustment in three months.
MIFCO had raised its buying price to MVR 18.50 per kilogram in June before increasing it to MVR 20 later that month. The rate was then raised to MVR 21 in August.
MIFCO says its buying price is adjusted based on market demand and supply, with the company aiming to provide better returns to fishermen.
The company currently follows a floating pricing system linked to market conditions. MIFCO previously faced losses after a fixed price of MVR 25 was introduced under the former system.
MIFCO is also working to increase the value of the fisheries sector by developing new fish products, improving quality and strengthening cold storage and export capacity.
The company said it will continue purchasing fish at the new rate from its facilities in Felivaru, Kooddoo and Addu, as well as collection points in GDh. Thinadhoo, Faresmaathodaa, Gahdhoo, Ihavandhoo and Fuvahmulah City.
