Media Briefing on Initiatives taken by the Ministry of Economic Development to control unusual price fluctuations of essential items during the month of Ramazan. The press conference focused on three key initiatives undertaken by the ministry with regard to this issue.

First, the Minister briefed the media about the on-going “Daily Price Monitoring of Essential Items” initiative of the Ministry and presented a summary of how market prices of the 27 categories (including the 51 items) have changed from July 2011 to June 2012. Comparing the prices of July 2011 to June 2012, out of the 51 items being monitored, price of 21 items decreased, 4 items remained fairly constant and price of 26 items increased. When comparing the average prices of April, May and June 2012 with the market average price of the first week of July, prices of 10 items decreased, 14 items remained constant and 22 items increased.

The Minister then moved on to discuss the special activities undertaken by the ministry to ensure supply of essential item and fish products at reasonable prices during the month of Ramazan. The Minister described how discussions were held with key players includings some importers and retailers of essential items, media, and state owned enterprises, especially State Trading Organisation (STO), Maldives Industrial Fisheries Company (Mifco), Felivaru Fisheries and Koodoo. Arrangements were made with STO to sell selected essential items at predetermined prices from STO outlets and STO Preferred Partner Outlets. Arrangements were also made with Koodoo and Mifco to supply and distribute chilled and frozen fish at four outlets in Malé and at 13 STO outlets in the islands.

Minister ended the presentation by announcing a special program “Bazaaru Emme Heyo Agu”. In partnership with the Media, and retail outlets, the programme aims to collect daily prices of essential items, provide information on the lowest market price, and name of those outlets selling at the lowest price to the general public through the media and the ministry’s website. Retail outlets are invited to register for the programme, and registration is expected to begin from 12 July 2012.   

Before closing the press conference, the Minister thanked the importers, wholesalers and retailers, as well as STO, Mifco, Koodoo & Felivaru and the media for their continued support and commitment to  ensure supply and distribution of essential items and fish products do not escalate during the month of ramazan. 

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