Currency in Circulation Gathers Momentum

The stock of money in circulation on Christmas Eve, December 24, 2008 the last shopping day before Christmas stood at just over $52 billion, representing an increase of approximately 4.4 per cent relative to the stock of some $49.8, which obtained for the similar period in 2007.
The Central Bank attributed the relatively small increase of money in circulation to the slowdown in economic activity, as well as the reported increased use of debit and credit cards for commercial transactions. As anticipated, the demand for currency increased significantly during the week ending December 19, as public sector salaries, including retroactive amounts were disbursed.
The increase in currency demand relative to the month of November reflected the usual intense shopping period which climaxed December 24, Christmas Eve.