Bermuda last year have been revealed in the newly-released 1991 annual report of the Bermuda Monetary Authority.

BMA chairman Mr. Charles Mann said that Bermuda has suffered hard at the hands of the world economic recession.

In 1991, Mr. Mann said that Bermuda experienced: Its lowest level of tourist income since 1989; Its lowest growth in the registration of local and international companies since 1988; Its lowest growth of credit since 1988, and; and Its lowest growth in retail sales since 1985.

He added: "While Bermuda has weathered the impact of these changes and the effects of various other world and local changes it is far from being `out of the woods'.

"One must not underestimate the gravity of its economic problems, defer dealing with them to another day or be content with palliative measures which ultimately only increase the misfortunes of the Country.'' Provided that 1992 did not bring a further deterioration of Bermuda's economy, the Island could manage its problems adequately if it took the appropriate measures, he said.

Bermudians needed to save more and the Island had to keep as low as possible any reliance on foreign currency borrowing.

"Prices and wage demands must be kept within meaningful economic parameters,'' he added. "And we need to use continuing wisdom in the application of macro-economic policies.'' There was also a need to keep the provisions of the Interest and Credit Charges (Regulation) Act 1975 under constant review, he said.

Elsewhere in the BMA's report, there is a call for the freeing of interest rates.

"Until the interest rate structure is changed, Bermuda will continue to be affected by the continuing swings in the banks' strategies which result in the continuing ups and downs of the availability of Bermuda dollars,'' it stated.

"In order to restore economic stability and to attain a sustainable rate of economic growth, it has been found over and over again in other jurisdictions that market forces should be allowed to prevail.'' The BMA's report shows that Bermuda ran a provisional current account deficit of $15 million for 1991, compared with a deficit of $24 million the year before.

This improvement was due to a lower level of imports, down from $545 million in 1990 to $456 million in 1991; a $6 million reduction in shipping and other transportation payments and an $8 million drop in `transfers', which largely comprises cash gifts, emigration and funds transferred under wills and intestacies and payments made in connection with pensions and court orders.

Revenue from tourism fell by $36 million to $454 million, reflecting the well-documented decline of Bermuda's most important industry.

Revenue from international business also fell, by $9 million, in 1991 to $334 million.

The report showed that the BMA as an organisation made a profit of $2.5 million for fiscal 1991 -- 39 percent down on the previous year. The amount will go to the Government's Consolidated Fund.

The decline was due to a 24 percent drop in investment income from $5.9 million in 1990 to $4.5 million.

Total revenue went down from $6.4 million to $4.9 million while expenses rose from $2.3 million to $2.4 million.

BMA 1991 RESULTS Profit $2.5 million Revenue $4.9 million Expenses $2.4 million Assets $71.9 million Liabilities $54.7 million Mr. Charles Mann.