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BERMUDA | RSS PODCAST

$113.1m in circulation during holiday

The Bermuda Monetary Authority said that a total of $113.1 million of Bermuda currency was circulating during the Cup Match holiday. That is the equivalent of about $177 for every man, woman and child on the Island. The money supply during the holiday is 11.6 percent higher than it was during Cup March a year ago, when $101.3 million was in circulation.

This year, $13.9 million in notes and coins was issued to Bermuda?s banks by the Bermuda Monetary Authority between July 1 and July 27 ? the pre-Cup Match period ? was $13.9 million.

Typically, money supply hits a peak at Christmas and over Cup Match. This seasonal peak is normally reversed very quickly after the holiday, according to the BMA.