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State Bank of Pakistan Annual Report FY07 
34 
5.1 Monetary Liabilities
(Billion Rupees)Currency inCirculationOtherDepositswithSBP
2
 Currencyin tills of ScheduledBanksBanks’DepositswithSBP
ReserveMoney(M
0
)(1+2+3+4)
ScheduledBanks'DemandDeposits
3
NarrowMoney(M
1
)(1+2+6)
ScheduledBanks'TimeDeposits
3
 ResidentForeignCurrencyDeposits
BroadMoney (M2)(7+8+9)Year/ Month
1
 
1 2 3 45678 910
Average 2003 - 07
 663.8 4.2 43.4 201.2
912.6
1,215.4
1,883.4
944.9 171.0
2,999.3
2003 494.6 3.5 30.4 141.0
669.5
607.9
1,106.0
846.3 126.1
2,078.5
2004 578.1 2.1 36.4 156.2
772.9
790.3
1,370.6
969.2 145.7
2,485.5
2005 665.9 3.3 43.5 196.3
909.0
949.3
1,618.5
1,161.8 180.3
2,960.6
2006740.4 4.9 48.4 207.6
1,001.3
1,085.7
1,831.0
1,380.4 195.5
3,406.9
2007840.2 7.0 58.1 305.2
1,210.4
2,643.8
3,491.0
366.9 207.3
4,065.2
2006 Jul747.1 4.6 43.2 250.2
1,045.1
2,194.6
2,946.3
209.8 197.1
3,353.3
Aug745.3 4.7 43.7 242.1
1,035.8
2,197.6
2,947.6
257.0 192.5
3,397.1
Sep770.1 4.8 47.0 255.1
1,077.0
2,194.7
2,969.6
268.7 193.3
3,431.6
Oct828.8 5.0 56.5 254.3
1,144.6
2,176.2
3,009.9
277.3 193.2
3,480.4
Nov815.9 4.8 45.8 268.7
1,135.1
2,209.2
3,029.9
292.2 193.5
3,515.6
Dec874.3 4.8 48.4 264.4
1,191.8
2,277.4
3,156.5
318.6 198.7
3,673.8
2007 Jan837.3 4.8 49.6 253.5
1,145.3
2,263.2
3,105.3
319.7 199.8
3,624.9
Feb837.2 4.9 47.3 265.2
1,154.5
2,300.4
3,142.5
324.9 197.2
3,664.6
Mar834.5 5.6 49.6 262.2
1,152.0
2,412.3
3,252.4
335.8 200.5
3,788.7
Apr839.6 6.1 48.2 257.6
1,151.5
2,428.4
3,274.1
347.3 200.0
3,821.3
May858.3 6.1 49.9 275.0
1,189.3
2,434.7
3,299.1
368.9 202.8
3,870.9
Jun840.2 7.0 58.1 305.2
1,210.4
2,643.8
3,491.0
366.9 207.3
4,065.2Growth (Period on period)Average 2003- 07
 14.1 6.7 17.1 23.4
15.7
49.9
34.4
-0.8 6.8
18.2
200314.0 -74.7 15.1 27.6
14.5
41.7
26.1
16.4 -19.9
18.0
200416.9 -39.5 19.8 10.8
15.4
30.0
23.9
14.5 15.5
19.6
2005
 
15.2 57.6 19.3 25.7
17.6
20.1
18.1
19.9 23.7
19.1
200611.2 47.9 11.4 5.7
10.2
14.4
13.1
18.8 8.4
15.1
200713.5 42.2 19.9 47.0
20.9
143.5
90.7
-73.4 6.0
19.3
2006 Jul10.6 34.0 16.0 43.1
17.3
141.9
85.8
-82.3 9.7
13.6
Aug11.3 42.0 16.5 27.2
15.0
146.6
88.4
-78.5 7.8
15.7
Sep14.3 41.3 17.6 33.1
18.5
130.5
82.3
-76.6 9.1
16.1
Oct14.0 45.8 30.3 36.1
19.1
136.6
82.4
-76.0 7.6
16.6
Nov9.8 39.6 12.0 46.4
16.9
132.5
78.6
-75.0 5.7
15.3
Dec19.5 44.2 13.7 27.2
20.9
112.9
74.9
-73.6 4.9
14.7
2007 Jan10.6 66.2 16.0 27.0
14.3
132.3
79.1
-74.4 2.9
14.1
Feb10.8 46.0 13.0 35.6
15.9
132.7
79.8
-74.7 3.8
13.7
Mar12.0 56.9 10.4 41.2
17.7
138.5
84.8
-74.1 6.4
16.8
Apr12.5 60.5 14.6 30.4
16.4
138.3
85.1
-73.8 3.8
16.2
May13.5 57.8 16.4 38.9
18.8
137.9
85.0
-72.7 6.6
16.4
Jun13.5 42.2 19.9 47.0
20.9
143.5
90.7
-73.4 6.0
19.3
1: Monthly data relates to last Saturday of the month except quarter-end data that is of last
Source: Monetary Policy Department, SBP
working day of the month.Yearly data relates to the 30th June2: Excluding IMF A/c Nos. 1 & 2, SAF loan account, counterpart funds, deposits of foreigncentral banks, foreign governments , international ororganisations and deposit money banks3: Excluding inter-bank deposits and deposits of central & provincial governments and foreign constituents.As per BSD Circular No. 9 dated 18-7-06The amounts of Time Deposits with tenor of less than six months have been included to Demand Deposits from July 06
 
 Money and Credit 
 
35
5.2 Currency in Circulation
 
(Million Rupees)
Five RupeeBills & aboveOne-RupeeCoins andaboveSubsidiaryCoinsTotal( 1+2+3 )Held byBankingDepartment of SBPHeld by IssueDepartment of SBPCurrency intills of ScheduledBanksCurrency inCirculation(4-5-6-7)Year/ Month
1
 1 2 3 4 5 6 7 8Average 2003-07
 703,609 5,882 665
710,156
1592,798 43,366
663,833
2003 522,891 4,004 662
527,558
2142,351 30,415
494,577
2004 611,904 4,941 664
617,508
1612,799 36,432
578,116
2005 705,720 6,093 667
712,480
1462,961 43,472
665,901
2006 784,236 6,931 667
791,834
1392,865 48,439
740,391
2007 893,293 7,441 667
901,401
1363,012 58,072
840,181
 2006 Jul 785,680 6,925 667
793,272
1332,803 43,195
747,140
Aug 784,281 6,920 667
791,867
1282,799 43,676
745,265
Sep 812,448 7,015 667
820,130
2232,761 47,028
770,117
Oct 880,553 6,963 667
888,182
1712,714 56,544
828,753
Nov 856,833 6,922 667
864,422
1302,653 45,788
815,851
Dec 917,809 6,933 667
925,408
1412,640 48,367
874,260
2007 Jan 880,469 6,949 667
888,084
1572,616 47,973
837,338
Feb 879,550 7,366 667
887,583
2052,946 47,276
837,156
Mar 879,275 7,359 667
887,301
1982,963 49,615
834,524
Apr 882,947 7,342 667
890,957
1992,937 48,218
839,602
May 903,257 7,329 667
911,253
1682,916 49,860
858,309
Jun 893,293 7,441 667
901,401
1363,012 58,072
840,181
1: Monthly data relates to last Saturday of the month except quarter-end data that is of last working
Source: Monetary Policy Department, SBP
day of the month.Yearly data relates to the 30
th
June.Note: Totals may not tally due to separate rounding off 
 
State Bank of Pakistan Annual Report FY07 
36 
5.3 Monetary Ratios
 
RatioYear/ Month
1
 
Currecny toDeposit
2
 M1 to M2Demand toTime DepositsRFCDs toTotalDepositsMoneyMultiplierNFA
3
toReserve Money
 
M2 toGDPPrivateSectorCredit as %of GDP
 
2003 0.31 0.53 0.72 0.08 3.100.690.43 2.992004 0.30 0.55 0.82 0.08 3.220.660.44 5.772005
 
0.29 0.55 0.82 0.08 3.260.550.46 6.742006 0.28 0.54 0.79 0.07 3.400.560.45 5.292007 0.26 0.86 7.21 0.06 3.360.650.47 4.202006 Jul 0.29 0.88 10.46 0.08 3.210.520.39Aug 0.28 0.87 8.55 0.07 3.280.520.39Sep 0.29 0.87 8.17 0.07 3.190.500.39Oct 0.31 0.86 7.85 0.07 3.040.470.40Nov 0.30 0.86 7.56 0.07 3.100.480.40Dec 0.31 0.86 7.15 0.07 3.080.480.422007 Jan 0.30 0.86 7.08 0.07 3.170.510.42Feb 0.30 0.86 7.08 0.07 3.170.510.42Mar 0.28 0.86 7.18 0.07 3.290.530.44Apr 0.28 0.86 6.99 0.07 3.320.540.44May 0.29 0.85 6.60 0.07 3.250.530.44Jun 0.26 0.86 7.21 0.06 3.360.650.471: Monthly data relates to last Saturday of the month except quarter-end data that is of last working day of the month.Yearly data relates to the 30
th
Jun.
 
2: Deposits include Scheduled Banks’ Demand Deposits, Scheduled Banks’ Time Deposits and RFCDs.3: NFA of SBP
NFA to RM Ratio
0.000.200.400.600.802002 2003 2004 2005 2006 2007
Currency to Deposits Ratio
0.250.260.270.280.290.300.310.320.330.342002 2003 2004 2005 2006 2007
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