Money supply nudges higher to Rs49.5tr in August

September 23, 2026 (MLN): Pakistan's broad money supply (M3) edged up in August 2026, partially recovering from the contraction seen in July, as growth in transferable deposits and National Savings balances outweighed a drop in currency in circulation.

According to provisional data released by the State Bank of Pakistan, the total money supply circulating within the economy stood at Rs49.45 trillion in August 2026, compared to Rs49.35tr in July 2026 and Rs44.38tr in August 2025.

This translates into an increase of 0.21% month-on-month (MoM), while showing a rise of 11.43% year-on-year (YoY).

A breakdown of the monetary aggregates shows that notes in circulation and transferable deposits together pushed M1 to Rs39.56tr in August 2026, up from Rs39.49tr in July.

On a monthly basis, M1 rose 0.18% MoM, as a 0.78% MoM increase in transferable deposits to Rs27.95tr offset a 1.25% MoM decline in notes in circulation to Rs11.61tr.

Other deposits, which include claims other than transferable deposits in local and foreign currency, edged up to Rs6.14tr in August from Rs6.13tr in July, registering an increase of 0.03% MoM and a rise of 7.27% on an annual basis.

National Savings Schemes outstanding balances, held with the Central Directorate of National Savings, rose to Rs3.72tr in August from Rs3.68tr in July, gaining 0.90% MoM and reflecting continued retail investor appetite for government-backed savings instruments.

Deposits held with post offices stood at Rs25.99bn in August, compared to Rs26.34bn in July, slipping 1.33% MoM.

In addition, coins in circulation fell to Rs9.12 billion in August from Rs9.41bn in July and Rs9.31bn in August last year.

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