Pakistan’s Broad Money (M2) increased by 0.1% week-on-week (WoW) to Rs. 39.7 trillion as of September 5, 2025, according to data from the State Bank of Pakistan (SBP) compiled by Topline Securities.
The rise was primarily led by a 1.8% WoW jump in Currency in Circulation (CIC), which climbed to Rs. 10.7 trillion. In contrast, Total Deposits with Banks declined by 0.5% WoW to Rs. 29.0 trillion.
On a month-on-month (MoM) basis, M2 grew by 1.0%, while CIC edged up 0.2% and bank deposits rose 1.3%. Year-on-year (YoY), Broad Money expanded 13.7%, with CIC showing a sharp 17.6% increase and deposits up 12.4%So far in 2025, M2 has risen 11.6%, supported mainly by a 17.3% surge in CIC, while bank deposits have grown 9.7%.
However, other deposits with the SBP contracted 17.2% year-to-date.
CIC as a percentage of M2 continues to hover around 27–28%, reflecting strong demand for cash within the economy.
