M3 rises to Rs39.9tr as of Sep

October 30, 2024 (MLN): The total money supply circulating within the economy till September 2024 has been recorded at Rs39.89 trillion, data released by State Bank of Pakistan (SBP) showed.

The money circulating within the economy until August 2024 was Rs39.45tr whereas, in the month of September of last year, the figure was Rs34.64tr. This means that the money supply has risen by 1.1% MoM while, on a year-on-year basis, it has jumped by 15.1% YoY.

Having broken down the overall money supply into broad categories, the SBP data shows that Rs8.8tr were circulated as notes while Rs21.97tr accounted for transferable deposits which comprise all deposits that are exchangeable on demand at par without penalty/restriction.

The currency circulated as notes fell by over 1.1% MoM while rising by 6.4% over the year.

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

Apart from this, other deposits constituted Rs5.97tr in September 2024, up by 0.7% MoM and 14.3% YoY.

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 Rs9.06 billion in September 2024 compared to Rs9.04bn in the previous month and Rs9.17bn in September 2023.

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