An imported greenhouse quotation can stay fixed in the supplier’s currency while requiring more money from the buyer’s local-currency budget. Before confirming that the project is funded, review each amount still payable in the currency actually written on the relevant order.
For a Kenyan buyer, a stable shilling–dollar headline does not settle the funding requirement for a euro-denominated control package, a separately quoted service or another unpaid foreign-currency item.
Two historical currency pairs tell different stories
The Central Bank of Kenya’s October–December 2025 Quarterly Economic Review, Table 5.7, reported these quarterly averages:
| Rate basis | 2024 Q4 average | 2025 Q4 average | Change in KES per foreign unit |
|---|---|---|---|
| KES per US dollar | 129.32 | 129.28 | −0.03% |
| KES per euro | 138.01 | 150.42 | +8.99% |
These are official historical currency statistics, not greenhouse prices or a sample of buyer transactions. The euro row means that one euro required more shillings on the reported quarterly-average basis. It does not mean that a supplier raised an equipment price by 8.99%.
The CBK’s exchange-rate explanation also distinguishes its published market indicator from the rates set by commercial banks and forex bureaus. A historical quarterly average cannot replace a current conversion quote for a particular payment.
Start with the unpaid amount
Take a hypothetical project with a structure order in US dollars and a separate equipment order in euros. Do not convert both using a dollar assumption simply because the project summary is presented in dollars. Trace each payment back to its own documented currency and due date.
Split the records into three groups. For amounts already paid, keep the actual amount debited and associated fees in the project cost history. For committed but unpaid amounts, record the remaining foreign-currency obligation and when it falls due. For optional or uncommitted purchases, retain the quoted currency and validity period, but keep them separate from obligations already accepted.
This separation prevents two distortions: revaluing a payment that has already been made as if it were still exposed, and overlooking the unpaid balance because a deposit has been paid.
Use a dated currency checklist
For each remaining payment, record:
- The order or invoice reference and what the amount covers
- The exact unpaid amount and currency, after documented payments or credits
- The agreed due date or payment milestone
- The conversion basis supplied by the bank for that payment, with its date and validity
- Transfer, conversion or other payment charges, identifying any already included
- The local-currency funds allocated and any resulting shortfall requiring attention
Where the bank quotes local currency per unit of foreign currency, multiply the documented unpaid foreign amount by that quoted rate, then add separately stated fees that are not already included. Check the direction of the quotation before calculating. A reversed rate produces a different operation.
For a future obligation, a quote available today may expire before the payment is due. Label the budget basis accordingly and give the finance owner a review date. Do not present today’s estimate as a guaranteed future conversion cost.
Resolve the funding question without predicting the market
The useful output is a clear statement of what remains payable, what local-currency amount the current planning basis requires and which assumptions need updating. If allocated funds fall short, escalate that gap through the project’s normal approval process while keeping existing payment obligations visible.
There is no need to predict which currency will strengthen to uncover this problem. Nor does the historical comparison support delaying a payment or changing agreed terms. It simply demonstrates why each actual invoice currency deserves its own dated funding assumption.
Use the greenhouse supplier quotation comparison guide for differences in scope and commercial obligations. Add the currency check to that review so a fixed foreign price does not conceal an unresolved local funding requirement.