circulation has plummeted following the Y2K scare that affected 1999 Q4 figures.

Only $70 million in Bermuda notes and coins were in circulation during the first quarter of this year, down 20 percent over the period from October to December of last year.

The most recent figure was higher that of the first quarter of 1999, when 67 million was in circulation. The difference represents and increase of 9 percent.

The statistics released by the BMA do not include American cash and coins in circulation.

The quarterly report also indicates that Bermudians are saving more, with $1.542 billion held in the demand, time and savings deposits of banks. The figure has gained $22 million over the previous quarter's and almost $387 million, or a third over the same period of last year.

Slightly more money has been added to deposit company coffers since, up $4 million to stand at $960 million. The figure remains dramatically below that of the first quarter of 1999, when $1.338 billion was kept in such accounts.

The total figure for the number of coins and bank notes in circulation and the amount in banks and deposit companies totaled $2.462 billion at the end of march, up slightly more than one percent over the previous quarter and six percent over Q1 of 1999.

BUSINESS BUC