President Mohamed Muizzu has accused certain private businesses of deliberately inflating market prices for political purposes, assuring the public that his administration will not allow such actions to harm ordinary citizens.
Speaking in Vaavu Felidhoo during his ongoing atoll tour, President Muizzu explained that the government’s recent decision to import 20 essential fruits and vegetables through the State Trading Organization (STO) was taken to protect the people from artificial price manipulation.
The President highlighted that following the amendment requiring resorts and guesthouses earning in dollars to deposit a share of their income into local banks, foreign currency had become more accessible. This measure, he noted, enabled businesses to secure dollars at bank rates for trade transfers (TTs) at unprecedented levels, ultimately driving down the cost of imported goods.
However, President Muizzu alleged that as prices began to decrease, some business interests acted to disrupt the market and burden the public. “Some people are deliberately organizing certain things to harm citizens for political purposes. We did not give that opportunity before, and we will not give it now,” he declared.
Citing examples, the President pointed out that staple items like apples and oranges, which had recently surged in price, have now fallen again due to STO’s timely intervention. He reaffirmed that STO’s role is not to intrude into public trade but to safeguard citizens against exploitation, adding that all such decisions are based on careful research and economic calculations.
Earlier, in his weekly podcast, President Muizzu also defended the policy, stressing that the government’s responsibility is to ensure market stability and prevent opportunistic practices from undermining national welfare.
