Match figures last year, is reason to be optimistic that Bermuda is climbing out of a protracted recession, according to the Bermuda Monetary Authority.

Total notes and coins recorded to be in supply yesterday was $52,429,686.63.

For the same period last year, the figure was recorded as $50,347,576.83. The slump in Cup Match crowds attending last year's cricket match at St. George's Wellington Oval ground was also said to have reflected tightening purse strings caused by the recession.

BMA deputy general manager Ms Marcia Woolridge-Allwood said the figures compared favourably with an all time high in 1990, which set a record for money in supply during the Cup Match holiday of $53,656,492.78.

"This is a significant increase given that over the last two years -- 1991-1992 -- the notes and currency in circulation has dropped by 5.94 percent and 2.24 percent respectively,' she said.

"The money supply figure is a good indication of what is going on in the economy. It indicates a climb out of recent trends that effected the country for the last two-two and a half years,'' said Ms Woolridge-Allwood.

"Traditionally, the amount of notes and currency in circulation tends to increase by nine to 12 percent during the month of July and this trend held true this year.

"Much of the money in circulation in July is used for cash purchases during the summer sales, travel and general spending in anticipation of the Cup Match activities,' she said.