Money supply stands at Rs46tr in January

In December 2025, the money supply was recorded at Rs46.53 trillion, while in January 2025 it stood at Rs40.13 trillion.

This indicates a month-on-month (MoM) decline of 0.73%, but a year-on-year (YoY) increase of 15.08%.

A breakdown of the total shows that Rs11.05 trillion was held in currency notes, while Rs25.83 trillion comprised transferable deposits that can be withdrawn on demand at par without penalty or restriction.

Currency in circulation as notes, which remains relatively high in Pakistan compared to many developed and emerging economies due to the country’s sizable informal sector, rose by 1.88% MoM and 20.27% YoY.

This trend likely reflects increased cash withdrawals by depositors to meet expenses amid elevated inflation.

Meanwhile, other deposits totalled Rs5.74 trillion in January 2026, declining 9.37% MoM but rising 5.36% YoY.

These deposits include all claims other than transferable deposits, in both national and foreign currencies, supported by evidence of deposit.

Coins in circulation amounted to Rs9.31 billion in January 2026, compared with Rs9.33 billion in December 2025 and Rs9.16 billion in January 2025.