banks in the pre-Christmas shopping season due to the increasing use of non-cash payments and low inflation.

The BMA reported Friday $5.63 million had been issued to the banks between December 1 and December 23, $1.47 million less than the same period last year.

The BMA general manager Malcolm Williams stated an additional $1.7 million is expected to be issued this week.

He attributed the lower cash demand to the increased use of credit and debit cards and low inflation. He also said the BMA and the banks were in a better position to anticipate and meet cash demand.

The total Bermuda dollar notes and coins in circulation at year end is expected to be $71.7 million, $2.2 million or three percent more than last year.

"In the current uncertain global environment it is pleasing to see Bermuda continue along a favourable pattern of economic activity -- which is highlighted in Bermuda's ongoing healthy balance of payments position and a projected year-on-year double digit percentage growth in Bermuda's deposit savings base.

BUSINESS BUC