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Pakistan’s currency in circulation stood at Rs11,928.465 billion (about Rs11.93 trillion) in March 2026, according to the Economic Survey of Pakistan 2025–26. That later official figure supersedes the earlier Rs10.967 trillion snapshot reported for November 14, 2025. Currency in circulation is cash outside the State Bank of Pakistan and scheduled-bank tills; it is not the same as bank deposits or digital balances. The figures show cash and deposits both grew during July–March FY2026, but they do not prove that a single factor—such as “high cash preference”—caused the rise.
What Pakistan’s currency-in-circulation figure measures
The Economic Survey of Pakistan 2025–26 defines currency in circulation (CIC) by starting with currency issued and subtracting cash held by the State Bank of Pakistan (SBP) and cash in scheduled-bank tills. Its March 2026 figure is therefore a measure of currency outside those institutional holdings, not the total amount of money in the economy.
CIC is also distinct from deposits and digital balances. A payment made digitally can move money between accounts without changing the amount of banknotes in circulation; conversely, withdrawing cash shifts funds out of a deposit account and into currency held outside banks. The measure describes a stock of cash at a point in time, not how frequently cash changes hands.
How the reported figures changed
| Observation | Currency in circulation | What the figure represents |
|---|---|---|
| November 14, 2025 | Rs10.967 trillion | Intermediate snapshot cited from SBP data by Profit by Pakistan Today in a report published November 25, 2025. Source |
| March 2026 | Rs11,928.465 billion (about Rs11.93 trillion) | Official Economic Survey 2025–26 observation, calculated after subtracting cash held by SBP and scheduled-bank tills from currency issued. Source |
The first figure was described as a record when reported, but a record is time-bound: the later March 2026 observation is higher. The exact primary-source observation date behind the earlier Rs10.9 trillion headline is not established here; the news report identifies November 14, 2025.
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Cash and deposits both increased in July–March FY2026
In the nine months from July 2025 through March 2026, CIC rose by Rs1,294 billion, or 12.2%. Over the same period, bank deposits rose by Rs1,456.0 billion, or 4.9%. The deposit measure includes demand deposits, time deposits, and resident foreign-currency deposits. The Economic Survey reports both changes.
For comparison, CIC had increased by Rs1,108 billion, or 12.1%, in July–March a year earlier. The near-identical growth rates across those two periods do not identify why people or businesses held cash, and aggregate growth does not show which groups or transactions account for the change.
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Why might cash in circulation rise?
The official sources point to multiple influences, not a quantified single cause. In a speech on November 12, 2025, SBP Governor Jameel Ahmad said CIC depends on factors including taxation policies and returns offered on bank deposits. The Economic Survey also says positive real interest rates could help explain deposit mobilization during the review period. Those statements offer context; they do not measure how much any one factor contributed to the increase in cash.
It would therefore be too strong to say the figures prove that taxation, inflation, payment access, precautionary saving, or “cash preference” alone drove the rise. The available aggregate data records the outcome—more currency outside central-bank and scheduled-bank holdings—without assigning causal shares to households, firms, or policy factors.
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Why cash can grow while digital payments expand
Growth in digital payments does not automatically mean a fall in cash holdings. Digital transfers can increase alongside demand for notes, and the CIC series alone cannot establish whether digital adoption has reduced cash transactions or balances.
Ahmad’s November 12, 2025 speech framed trusted, easy-to-use channels as a way to digitize and document some transactions that would otherwise be cash-based. He said, “While currency in circulation depends on multiple factors, including taxation policies and returns offered on bank deposits, etc., SBP believes that proving easy-to-use and trusted digital channels can help the broader economy digitize and document a significant portion of cash transactions.” The speech also states: “Raast enables citizens, businesses, and government entities to transact in real time, securely and at low cost.” These are the Governor’s policy rationale and description of Raast, not evidence that digital-payment growth has already lowered CIC. Read the dated SBP speech.
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Is Rs10.9 trillion still the latest figure?
No. Rs10.967 trillion was an earlier news-reported snapshot for November 14, 2025. The later official Economic Survey figure is Rs11,928.465 billion for March 2026. Always pair a currency-in-circulation amount with its observation date: the series changes over time, and a past record is not necessarily the latest level.
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