Public Service Cabinet Secretary Moses Kuria on Tuesday, February 6, revealed how select Kenyans were reaping big from the weakening shilling despite complaints from importers.
Kuria noted that coffee farmers in the country through the Direct Settlement System (DSS) had the opportunity to open euro or dollar accounts.
The system ensures that farmers receive their payment directly, without any intermediaries, which allows them to access the full amount owed to them.
"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 stated.
This system was introduced by the Nairobi Coffee Exchange (NCE) to enable farmers to receive immediate coffee payments from buyers thus increasing access to pricing information and faster payments.
NCE in April last year noted that the system will ensure farmers get compensation within two days.
In 2023, Kuria remarked that the government was working to stabilise the currency and protect it from plunging even lower.
One of the measures implemented by the government was the introduction of the Government to Government oil deal. President William Ruto in April 2023 assured that the deal would see the shilling trade at Ksh115 against the dollar.
However, despite the government's promises and measures, the shilling continues to weaken and recently crossed the Ksh160 mark.
The shilling has been on a steady downfall since January last year prompting Kenyans to seek alternative means and caution themselves.
Reports such as the HassConsult Property Index revealed that landlords were asking for rent in dollars to continue making profits and avoid the instability of the dollar.
Recently, there has been a glimpse of hope after the shilling gained against the dollar for five days in a row.
