Money supply nears Rs47tr as of Dec

January 24, 2026 (MLN): The total money supply circulating within the economy till December 2025 has been recorded at Rs46.5 trillion, according to provisional accounts on Monetary Aggregates for the month, maintained by the State Bank of Pakistan (SBP).

The money circulating within the economy until November 2025 was Rs45.19tr, whereas in the month of December of last year, the figure was Rs40.21tr.

This means that the money supply has risen by 2.9% MoM while, on a year-on-year basis, it has jumped by 15.64% YoY.

Having broken down the overall money supply into broad categories, the SBP data shows that Rs10.85tr were circulated as notes while Rs25.16tr accounted for transferable deposits, which comprise all deposits that are exchangeable on demand at par without penalty/restriction.

The currency circulated as notes, which have been high in Pakistan relative to other developed and emerging economies because of the high informal economy, rose by 0.85% MoM, while it rose by 19.73% over the year.

This reflects higher cash withdrawals by depositors to meet needs amid high inflation.

Apart from this, other deposits constituted Rs6.97tr in December 2025, up by 7% MoM.

Other deposits represent all claims other than transferable deposits in national or foreign currency that are represented by evidence of deposits.

Meanwhile, coins in circulation stood at Rs9.33bn in December 2025 compared to Rs9.315bn in the previous month and Rs9.15bn in December 2024.

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