BMA: Money in circulation shoots up
street, according to figures released by the Bermuda Monetary Authority in their quarterly notice.
In the fourth quarter of 1998 there was $62 million worth of Bermuda issued dollars in circulation. Last year the figure for the same period went up to $91 million.
The figure does not include the United States currency which is also in circulation, and this amount has not been counted as part of the statistics.
Bermudians are also saving more with an extra $110 million put away in the banks deposit accounts -- $385 million more.
For the fourth quarter of 1999 the amount of money held in the demand, time and savings deposits in banks in an unconsolidated basis was $1.520 billion.
Money in circulation rises This is down slightly on the previous quarter, but up from the same quarter in 1998 when the banks reported $1.121 billion.
Deposit companies, on the other hand, saw less money put into their coffers.
The last quarter in 1999 registered $956 million, compared to $1.274 billion the year before.
The total figure for the number of coins and bank notes in circulation and the amount in banks and deposit companies totalled $2.567 billion at the end of last year -- up $110 million on the same period in 1998, which is registered as $2.457 billion.
The amount held in cash at both the deposit companies and the banks of $131 million, gives the total Bermuda money supply of $2.436 billion, up $158 million on the year before.
CHART NOTES & COINS IN CIRCULATION BERMUDA MONEY SUPPLY