likely to be driven by the continued decline in global food prices and trading partner inflation that would percolate through to domestic prices. the effects of past policy rate hikes are also expected to continue to work through the economy and keep core inflation at bay and ensure that inflation expectations remain well - anchored. across - the - board buoyancy in main economic sectors of activity is expected to sustain the domestic growth momentum this year as well. incoming data are already painting a bright outlook for the economy. as such, bank staff projects real gdp growth at 6. 5 per cent in 2024. based on these outlooks, the mpc has unanimously decided to keep the key rate unchanged at 4. 50 per cent. 6 / 7 bis - central bankers'speeches the mpc will continue to monitor the economic situation closely and stands ready to meet in between its regular meetings, if the need arises. the next meeting of the mpc will be announced in due course. thank you. i now welcome your questions. 7 / 7 bis - central bankers'speeches

noted. the improvement in macroeconomic conditions together with enhanced resilience of the banking sector have helped to contain macrofinancial risks. the systemic risk indicator ( sri ) – the barometer of systemic risk used by the bank – confirms that risks have moderated across the macrofinancial landscape. the decline in inflation is one of the key contributors. on the external front, the rise in the fx reserves of the country to us $ 7. 3 billion as at end - december 2023 has helped to consolidate the country ` s resilience against external shocks. risks from the banking sector have fallen considerably with strong capital and liquidity buffers. at the aggregate level, both the household and corporate sectors have been exhibiting sound financial positions, despite relatively high interest rates and inflation. risks to financial stability from the household sector have subsided. key debt serviceability metrics of the household sector have improved. in particular, the ratio of debt servicing cost to income and to gdp are below pre - pandemic levels – at 16. 8 per cent and 6. 0 per cent respectively, in december 2023. in addition, household indebtedness relative to gdp has gradually declined, as the economy expands. the financial resilience of the household sector is further evidenced by its robust asset quality. the ratio of non - performing loans to total loans of the sector with banks fell to a multi - year low to reach 1. 8 per cent in december 2023. corporate sector activities maintained good momentum amid a favourable macroeconomic landscape. corporate indebtedness to banks relative to gdp dwindled further while earnings grew in tandem with the sustained economic expansion. credit risk from the corporate sector stayed relatively low, demonstrating benign risk from the business environment. the banking sector ensured continuous flow of credit to the economy. the annual growth of credit to the private sector reached 5. 1 per cent in january 2024, from 6. 5 per cent in september 2023. the growth was primarily led by the expansion of household credit at an annual rate of 10. 5 per cent in january 2024, as against 11. 8 per cent in september 2023. corporate credit grew at an annual rate of 1. 5 per cent in january 2024, relative to 2. 8 per cent in september 2023. the asset quality of the banking sector improved in the last quarter of 2023. the overall non - performing loan ( npl ) ratio dropped to 4. 4 per cent in december 202