Money supply reaches around Rs45tr as of September

October 28, 2025 (MLN): The total money supply circulating within the economy stood at Rs44.84 trillion by the end of September 2025, according to the State Bank of Pakistan’s (SBP) provisional data on Monetary Aggregates.

This marks a 0.4% month-on-month (MoM) increase from Rs44.66tr in August 2025, and a sharp 12.42% year-on-year (YoY) rise compared to Rs39.89tr recorded in September 2024.

A breakdown of the data shows that Rs10.48tr were held as currency in circulation (notes), while Rs24.53tr were maintained as transferable deposits, comprising all deposits exchangeable on demand at par without penalty or restriction.

The currency in circulation, which remains high in Pakistan due to the size of the informal economy, fell 0.57% MoM but rose 19.13% YoY, reflecting increased cash withdrawals by depositors to meet day-to-day needs amid persistent inflationary pressures.

Meanwhile, other deposits, which represent all claims other than transferable deposits in national or foreign currency, stood at Rs6.36tr in September 2025, down 0.9% MoM but up 6.52% YoY.

Additionally, the amount of coins in circulation was recorded at Rs9.32 billion in September, compared to Rs9.31bn in August 2025 and Rs9.06bn in September 2024.

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