Wednesday, February 7, 2024 - Public Service Cabinet Secretary Moses Kuria has urged coffee farmers in Mt. Kenya to celebrate the fall of the shilling against the US dollar.
In a statement, Kuria told
the farmers to rush and open dollar accounts to benefit from the weakening
shilling instead of complaining like Azimio.
This comes even as the weakening
shilling has caused unimaginable pain and has made life unbearable.
At the same time, Kuria revealed
that President William Ruto’s government has introduced the Direct Settlement
System (DSS) to pay farmers directly, which will eliminate brokers and
cooperatives.
"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,"
Kuria stated.
"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."
As of Tuesday, February 6, 2024,
one US dollar was exchanging for Ksh160.36, according to official exchange
rates by the Central Bank of Kenya (CBK).
On February 6, 2023, the US
dollar was exchanging for Ksh124.66, reflecting a rise of Ksh35.7 or 28.6 percent.
The Kenyan DAILY POST
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