Bermuda Monetary Authority said last night.

As of today, $56,520,000 is in the hands of residents.

The total represents an increase over the same time last year of eight percent when $52,320,000 was in circulation.

The increase is also the first since Christmas, 1989. At that time, the money supply bulged 11.63 percent to $54,790,000.

The BMA said the latest cash figure is a strong indication of the Island's recovery from recession.

"The money supply is an excellent indicator of the health of the domestic economy,'' BMA deputy general manager Mrs. Marcia Woolridge-Allwood said.

"The 1993 figures highlight the Country's climb out of the recessionary trend which has affected it over the last 21 years.

"The 1993 Christmas dollar supply is the highest ever recorded dollar supply figure to date.'' The December dollar supply has traditionally increased an average of 13 percent from year to year.

In 1993, the growth recorded from the November month-end total was $7.39 million or a jump of 15 percent.