Broad money (M2), Pakistan’s primary measure of money supply, declined by Rs687.52 billion week-on-week (WoW) to Rs40.95 trillion as of January 09, 2026, according to data released by the State Bank of Pakistan (SBP).

Compared to June 2025, M2 has still increased by Rs164.66 billion from Rs40.79 trillion at the end of the previous fiscal year.

Within M2, currency in circulation rose sharply by Rs212.29 billion WoW, reaching Rs11.13 trillion. On a fiscal-year-to-date basis, currency in circulation has increased by Rs494.88 billion from Rs10.63 trillion at the end of June 2025.

As a share of M2, currency in circulation climbed to 27.18% from 26.22% a week earlier and 26.07% in June 2024.

Total deposits held with banks were reported at Rs29.78 trillion, down Rs897.46 billion WoW and lower by Rs319.94 billion since the start of the fiscal year. These figures exclude interbank deposits, government deposits, and foreign constituent deposits.

Currency in circulation represents banknotes and coins held by the public and financial institutions. In Pakistan, M2 is the most widely referenced measure of broad money. On the liabilities side, M2 consists of currency in circulation, deposits of the non-government sector (including resident foreign currency deposits), and other deposits with SBP. On the asset side, it equals the sum of net domestic assets and net foreign assets of the banking system.