ISLAMABAD: Pakistan’s broad money supply, known as M2, declined by Rs. 324.24 billion week-on-week (WoW) to Rs. 44.02 trillion as of September 11, 2026, according to data from the State Bank of Pakistan (SBP).
Compared with the end of June 2026, M2 has decreased by Rs. 2.44 trillion from Rs. 46.46 trillion. The decline reflects a reduction in bank deposits and other components of broad money during the current fiscal year.
Meanwhile, currency in circulation increased by Rs. 28.24 billion WoW to Rs. 11.81 trillion as of September 11. Despite the weekly increase, currency in circulation has declined by Rs. 136.31 billion since the end of June, when it stood at Rs. 11.94 trillion.
Currency in circulation accounted for 26.82% of total M2, compared with 26.56% a week earlier.
Total bank deposits stood at Rs. 32.16 trillion as of September 11, declining by Rs. 350.72 billion during the week and by Rs. 2.3 trillion since the start of the fiscal year.
The deposit figure excludes interbank deposits, government deposits and deposits held by foreign constituents.
In Pakistan, M2 is the most widely used measure of broad money. It includes currency in circulation, non-government sector deposits, residents’ foreign currency deposits and other deposits with the SBP on the liability side.
On the asset side, M2 comprises the banking system’s net domestic assets and net foreign assets, covering the State Bank of Pakistan and scheduled banks.
