the ppv fare increase, which is scheduled to take effect in april 2024. without the impact of this 1 / 3 bis - central bankers'speeches second increase in ppv fares, inflation at december 2024 would fall within the target range. whilst some key drivers of headline inflation, such as inflation expectations and the exchange rate, have remained generally stable and grains prices have declined and are projected to continue to fall, the risks to the inflation outlook remain elevated. on the upside, higher than projected second - round effects from the ppv fare increases, higher wage adjustments in the context of a tight labour market and a further deterioration in supply chain conditions could influence higher inflation. in particular, while shipping prices and oil prices have remained below their peak, they have recently risen amid ongoing geopolitical tensions and supply chain disruptions. the factors that could lead to lower - than - projected inflation include weaker - than - projected global growth, which could reduce domestic demand and imported inflation, resulting in lower rates of price change. in the context of the inflation outturn and outlook, the mpc decided to maintain : ( i ) the policy interest rate ( the rate offered to deposit - taking institutions ( dtis ) on overnight placements with bank of jamaica ) at 7. 0 per cent ; and ( ii ) relative stability in the foreign exchange market. the mpc, however, decided to tighten jamaica dollar liquidity conditions more aggressively. the committee also decided to maintain heightened surveillance of these risks to the inflation outlook and will base its future monetary policy decisions on the incoming data related to the strength of the potential risks to inflation noted above. let me now look at the foreign exchange market. foreign exchange market the foreign exchange market has remained relatively stable, reflecting continued strong tourism and remittance flows as well as the effect of the actions taken by the bank. to prevent undue volatility in the foreign exchange market, boj has sold approximately us $ 907 million via its b - fxitt facility over the 12 months to end - january 2024. when these sales are set against boj purchases, however, the result is that the bank net purchased approximately us $ 1. 3 billion over the period. in the context of the stability in the exchange rate, the general downward trend in dollarization has continued, with individuals and businesses reflecting an increased preference to hold jamaican dollars. update and outlook for the jamaican economy i will now give a brief update on the jamaican economy. real gdp, which

international and national levels on good programmes and practices and on the ways to promote access to financial services by harnessing the role of non - government organisations ( ngos ). international organisations are well - positioned to coordinate international surveys and studies on the various aspects of financial education, to evaluate the comparative efficiency of various financial education programmes, and to develop guidelines and good practices for policymakers for implementation. international agencies can also provide a forum where countries can compare and discuss strategies to educate consumers about financial issues. several governments and central banks, either directly or indirectly, are actively involved in the provision of financial education about consumer credit, investment, and other financial issues, often as part of a public policy campaign to improve the protection of individual borrowers and investors, for instance, as part of the ongoing pension reform efforts. exchange of experiences amongst central banks would thus be productive. delivery mechanisms the delivery mechanisms for imparting financial education can be manifold. however, the content and delivery of financial education should correspond to the needs of specific sub - groups of consumers that is, the young or elderly, less or better educated, well - or ill - informed. presentations, lectures, conferences, symposia, training courses and seminars can be actively utilised for this purpose. second, publications in diverse forms, including books, brochures, magazines, booklets / pamphlets, direct mail documents, can also be useful in this regard. third, leveraging information technology through concerted media campaigns using all possible avenues of mass communication can be expected to impart greater efficacy to the process. other methods include advisory services from institutions, including the fast growing telecommunication services. not only the supply of financial education, but also the demand is very important. most delivery channels are good for those who are already interested in particular topics. an important challenge is to create demand for financial information and education. decentralisation of efforts given the unique conditions in our country, any attempt at expanding the outreach of financial education should take cognisance of the role of regional differences in language, workforce and penetration of finance. thus, banks with strong presence across different regions could explore the possibility of introducing a local - language based web - site providing details of facilities for customers. second, in recent times, the explosion of the internet has altered the relationship between financial organisations and its clientele. organisations can examine ways to better communicate with both the prospective and existing clients by enriching the information content of their website on the lines of those practiced in