Money supply climbs to Rs47.69tr in March

April 29, 2026 (MLN): The total money supply circulating in the economy stood at Rs47.69 trillion in March 2026, according to provisional data on Monetary Aggregates released by the State Bank of Pakistan (SBP).

The money supply was recorded at Rs46.67tr in February 2026, while it stood at Rs41.99tr in March 2025, indicating a 2.2% month-on-month (MoM) increase, and a 13.57% year-on-year (YoY) rise.

A breakdown of the total money supply shows that currency in circulation (notes) amounted to Rs11.91tr, while transferable deposits, which include all deposits exchangeable on demand without penalty, stood at Rs26.39tr.

Currency in circulation, which remains relatively high in Pakistan compared to both developed and emerging economies due to the size of the informal sector, increased by 5.08% MoM and 16.29% YoY. This trend reflects higher cash withdrawals by depositors amid persistent inflationary pressures.

Meanwhile, other deposits totaled Rs5.8tr in March 2026, slightly down by 0.05% MoM but up 3.01% YoY. These include all deposits not classified as transferable deposits, whether in local or foreign currency.

Additionally, coins in circulation were recorded at Rs9.34 billion in March 2026, compared to Rs9.33bn in February 2026 and Rs9.2bn in March 2025.

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