Jakarta. The Trade Ministry is set to issue import permits for around 300,000 heads of cattle and frozen beef in the second quarter of 2015 to stabilize beef prices ahead of the holy Islamic month of Ramadan and Idul Fitri.
Beef currently goes for Rp 80,000 ($6.07) per kilogram, 18 percent lower than last month, according to the ministry's statistics. However, demand for beef is expected to spike during and at the end of the fasting month.
“We will issue the permit before the fasting month and Idul Fitri,” Trade Minister Rahmat Gobel said on Monday.
The fasting month will start on June 18.
Currently, 30 domestic importers can each bring in 100,000 heads of cattle in the first quarter of 2015.
The government has yet to decide on permits to import rice, which will experience similar jumps in market demand during Ramadan and Idul Fitri.