Ministry expects price reduction next week

20 September 2007
Report: Soodh

Ministry of Economic Development and Trade has reported that the Ministry is expecting a price reduction of major consumer goods for the month of Ramazan, early next week. Director General Usman Shakir said that the Ministry expects the prices to go down since measures are underway to solve the problem.

He said that the Ministry is identifying the causes for the escalating prices in the market and that measures would be taken to solve those. He said that there are two major issues that need to be addressed at present. Mr. Shakir said that there are some delays in unloading goods from ships.

He said that discussions were held with Maldives Ports Authority and other relevant officials and that it has been agreed to give priority to unload the goods that are necessary for Ramazan. If there are difficulties within the harbour to unload goods, then arrangements have been made to utilize the services in Thilafushi and Hulhumale’.

The second cause for escalating prices was that the suppliers bringing little quantities of goods. He said that there are orders in place that would reach the country next week and it would help to reduce the prices.

In addition, it is also expected that State Trading Organization would bring some of the goods next week. He also noted that discussions were held with major importers to find a solution to escalating prices of goods during Ramazan.

Earlier, Maldives Ports Authority, MPA has rebuffed the claims by some traders that delay in unloading goods in the ports of Male’ as a reason for escalating prices of goods in the market.

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