How Kenyans can benefit from weaking shilling; CS Kuria
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CS Kuria explains how Kenya coffee farmers benefit from weaking shilling against the dollar and other major currencies
CS Kuria explains how Kenya coffee farmers benefit from weaking shilling against the dollar and other major currencies.
According to Public Service Cabinet Secretary Moses Kuria, coffee growers ought to benefit greatly from the depreciation of the Kenyan shilling in relation to the US dollar.
In a statement on Tuesday, February 6, CS Kuria said the coffee farmers should take advantage of the Direct Settlement System (DSS) where they receive payments without any intermediaries.
“Dear Coffee Farmers. While importers cry about the strengthening dollar against the Shilling, you are supposed to be celebrating. The Government has introduced the Direct Settlement System (DSS) to pay farmers directly not through brokers or Cooperatives,” said CS Kuria.
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The Public Service CS urged the farmers to open dollar and euro accounts while warning them against trusting anyone to convert the foreign currencies into shillings.
“Please do not trust anyone to convert your dollars or Euros. Rush to your bank today and open your dollar or euro account and negotiate for yourself the best rate,” he added.
The DSS system was introduced by the Nairobi Coffee Exchange (NCE) to enable farmers to receive direct coffee payments immediately after payment from the buyers, as opposed to through an intermediary.
The Kenyan shilling has been performing poorly against the dollar falling more than 26 percent in the 12 months ending in December 2023.
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