Money supply climbs to Rs50tr in Sept 26

October 23, 2026 (MLN): Pakistan’s broad money supply (M3) extended its recovery in September 2026, rising for a second straight month as growth in transferable deposits and National Savings balances lifted liquidity on both a monthly and annual basis.

According to provisional data released by the State Bank of Pakistan, M3 stood at Rs50.14tr in September 2026, compared to Rs49.45tr in August 2026 and Rs44.52tr in September 2025.

This translates into an increase of 1.39% month-on-month (MoM) and a rise of 12.61% year-on-year (YoY). Since the start of the fiscal year, M3 remains 0.75% below the Rs50.52tr recorded at end-June 2026.

A breakdown of the monetary aggregates shows that M1, comprising currency in circulation and transferable deposits, rose to Rs40.16tr in September from Rs39.56tr in August, up 1.51% MoM and 13.80% YoY.

Transferable deposits drove the increase, rising to Rs28.69tr from Rs27.95tr in the previous month, a gain of 2.63% MoM and 15.61% YoY. Notes in circulation moved the other way, easing to Rs11.47tr from Rs11.61tr, a decline of 1.19% MoM, though they remained 9.50% higher on an annual basis.

Other deposits, which include claims other than transferable deposits in local and foreign currency, rose to Rs6.19tr in September from Rs6.14tr in August, up 0.96% MoM and 7.61% YoY.

National Savings Schemes outstanding balances, held with the Central Directorate of National Savings, rose to Rs3.75tr in September from Rs3.72tr in August, a gain of 0.89% MoM, reflecting continued retail investor appetite for government-backed savings instruments.

Deposits held with post offices stood at Rs25.89bn in September, compared to Rs25.99bn in August, slipping 0.38% MoM.

In addition, coins in circulation rose to Rs9.14bn in September from Rs9.12bn in August, though they remained below the Rs9.32bn recorded in September last year.

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