$113.1m in circulation during holiday
Created: Aug 01, 2005 11:00 AM
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.