April 29, 2025 (MLN): The total money supply circulating within the economy till March 2025 has been recorded at Rs41.99 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 February 2025 was Rs40.57tr, whereas, in March of last year, the figure was Rs36.86tr. This means that the money supply has risen by 3.51% MoM while, on a year-on-year basis, it has jumped by 13.92% YoY.
Having broken down the overall money supply into broad categories, the SBP data shows that Rs10.24tr were circulated as notes while Rs22.84tr 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 over 8.5% MoM while rose by 18.64% over the year.
This reflects higher cash withdrawals by depositors to meet needs amid high inflation.
Apart from this, other deposits constituted Rs5.63tr in March 2025, up by 1.71% MoM and up 1% 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 Rs9.2 billion in March 2025 compared to Rs9.2bn in the previous month and Rs9.4bn in March 2024.
