Maldives Industrial Fisheries Company (MIFCO) has increased its purchase price for fish to MVR 22 per kilogram, effective today.

The latest increase is the fourth adjustment made by MIFCO in the past three months, with the price rising from MVR 18.50 to MVR 20 in June and to MVR 21 on 29 August.

MIFCO said the increase reflects higher demand and prices for Maldivian fish in international markets and is intended to pass the benefit on to fishermen.

The company currently uses a floating pricing model, under which fish prices are adjusted based on international market conditions. MIFCO has also continued its policy of paying fishermen within 48 hours of purchasing their catch.