Editor's Review

“Please do not trust anyone to convert your dollars or Euros."

Public Service Cabinet Secretary Moses Kuria now says coffee farmers should be reaping big from the weakening of the Kenyan shilling against the 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 Kuria.

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.

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File image of coffee in Kenya. 
“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.

However, in the last couple of days, the shilling has gained against the dollar for the first time in three years.