Pakistan’s total money supply circulating within the economy reached Rs45.19 trillion by November 2025, according to provisional Monetary Aggregates data released by the State Bank of Pakistan (SBP). The latest figures highlight a steady expansion in liquidity levels amid persistent inflationary pressures and rising demand for cash across the economy.
SBP data shows that the money supply recorded a month-on-month increase of 0.64% compared to Rs44.9 trillion in October 2025. On a year-on-year basis, the rise is more pronounced, with money supply expanding by 12.74% from Rs40.09 trillion in November 2024. The increase reflects a combination of higher currency in circulation, growth in deposits, and changing financial behavior driven by economic conditions.
A breakdown of the overall money supply reveals that a significant portion continues to be held in physical currency. Notes in circulation stood at Rs10.8 trillion in November 2025. This segment recorded a growth of 1.27% on a monthly basis and surged by 19.35% compared to the same month last year. The elevated level of cash usage in Pakistan remains notably higher than in many developed and emerging economies, largely due to the size of the informal economy and limited documentation across various sectors.
The rise in currency held as notes reflects increased cash withdrawals by depositors, which analysts link to the ongoing impact of high inflation on household and business spending. With prices remaining elevated, individuals and businesses have shown a preference for holding cash to meet daily expenses and short-term liquidity needs, contributing to the continued expansion of physical currency in circulation.
Transferable deposits accounted for the largest share of the money supply, totaling Rs24.34 trillion in November 2025. These deposits include all funds that can be exchanged on demand at par without any penalty or restriction. The growth in transferable deposits indicates ongoing activity within the banking system, supported by transactional accounts used for payments, salaries, and routine business operations.
In addition to transferable deposits, other deposits amounted to Rs6.47 trillion during the month under review. These deposits rose by 2.17% month-on-month and showed an annual increase of 10.42%. Other deposits represent claims that are not immediately transferable and include time deposits and other forms of savings held in both national and foreign currencies. The steady growth in this category suggests continued public reliance on banking products despite economic pressures.
Coins in circulation remained largely stable, standing at Rs9.32 billion in November 2025. This figure was slightly lower than Rs9.33 billion recorded in October 2025 but higher than Rs9.12 billion observed in November 2024. While coins form a relatively small component of the overall money supply, their stability indicates consistent usage for low-value transactions across the economy.
The latest monetary aggregates highlight underlying trends in Pakistan’s financial system, including the strong preference for cash, the impact of inflation on financial behavior, and the evolving structure of deposits within the banking sector. As the central bank continues to monitor liquidity conditions, these figures will play a key role in shaping monetary policy decisions aimed at balancing economic activity, inflation control, and financial stability in the months ahead.
The SBP’s provisional data provides an important snapshot of the country’s monetary environment, offering insights into how money is circulating across the economy and how households and businesses are responding to prevailing economic challenges.
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