Retailers reacted with delight yesterday with news there is more than $88 million Bermuda dollars in circulation this Christmas season.

The Bermuda Monetary Authority (BMA) reported that a total $88.3 million dollars in Bermuda notes and coins are currently in circulation an increase of 4.5 percent over last year's figure of $84.5 million, and since the beginning of the month the BMA has released $8.2 million to the Island's banks. Last year the amount released was $6.5 million.

Retailers from some of the Island's largest stores yesterday welcomed the news. Peter Cooper of A.S. Cooper's said: "Wow, hopefully it's being spent in the stores."

Asked if the excess cash meant the Buy Bermuda campaign was working, many retailers said yes.

Trying hard to stave off the effects of a deep recession after the September 11 attacks, the retail division of the Chamber of Commerce devised the Buy Bermuda campaign to impress on locals the importance their spending has on the retail industry.

While some retailers said yesterday that it is still much too early to measure the success of the programme, others said the BMA figures were an indication that the campaign had gone well.

Trimingham Brothers president Lawrence Trimingham said: "Business has been fairly strong in the last ten days. I don't know if it's the Buy Bermuda campaign.

"I think the best time to ask about that is after Christmas, now is too soon to tell. But if you have been in the store recently you will notice there are a lot of people in. There are a lot of people in the Christmas spirit and that is good to see."

But both Mr. Cooper and H.A. & E. Smith president Roger Davidson said it was clear the marketing plan was getting results.

"Certainly it's working," Mr. Cooper said. "It's been a real talking point and I think the Buy Bermuda campaign has helped considerably. It's been an awareness campaign as well for the public on the state of the retail industry."

"It certainly has raised awareness," said Mr. Davidson, "and people who might not normally have bothered are making a conscious effort to shop here and help local retailers. It is really nice to see the support."

Sheila Robertson, owner of the leather goods speciality store Harbourmaster, while admitting that her sales had picked up since December, was not quick to attribute this to the advertising blitz.

She said the campaign had "to some degree made people a little more aware this year" of the importance of shopping locally but added: "They will still shop abroad".

Meanwhile Mr. Davidson and Mr. Cooper said sales at their stores were running on par with last.

"Sales are about the same as last year and we're hoping an extra shopping day this year will help," said Mr. Davidson.

"We're on on par with last year which isn't bad at all," said Mr. Cooper. "And there are still three big shopping days left: Friday, Saturday and Monday and as you get closer to Christmas sales get bigger."

The BMA warned that a sharp decrease after the holiday is likely. "Christmas is traditionally a period when the figure for notes and coins in circulation rises. This seasonal peak is normally reversed very quickly after the holiday."