Pakistan’s SBP Foreign Exchange Reserves Increase $39M To Touch $21.44 Billion.
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✧ GENERATE BRIEFING
State Bank of Pakistan foreign exchange reserves rose $39 million to $21.439 billion during the week ending September 25, 2026. Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $39 million during the week ending September 25, 2026, reaching $21.439 billion. This marks the highest level recorded for the central bank's reserves in the current cycle, extending an upward trajectory supported by strong external inflows. However, Pakistan’s total liquid foreign reserves contracted slightly by $39.7 million week-on-week to settle at $26.771 billion, down from $26.811 billion previously. This marginal dip was driven by a decrease in net foreign reserves held by commercial banks, which fell by $78.6 million to $5.332 billion. Despite the commercial bank drawdown, the steady growth in official SBP reserves reinforces the country's external liquidity buffer as it manages energy imports and external debt servicing obligations.
Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $39 million during the week ended September 25, 2026, reaching $21.439 billion, according to data released by the central bank.
The latest expansion marks a continuation of steady reserve accumulation, following an 11 million increase in the preceding week.
Breakdown of Total Liquid Foreign Reserves
While central bank reserves showed resilience, total liquid foreign reserves across the banking system experienced a minor contraction:
- Total National Reserves: Stood at $26.771 billion, down $39.7 million compared to $26.811 billion a week earlier.
- Commercial Bank Holdings: Net foreign reserves held by commercial banks decreased by $78.6 million during the week, dropping to $5.332 billion.
The growth in official SBP buffers successfully offset a major portion of the commercial banking sector’s drawdown, maintaining overall external stability.
Strong Fiscal Year and Calendar Year Trajectory
Pakistan’s external liquidity position has strengthened substantially over the broader medium-term horizon:
- Fiscal Year Growth: SBP-held reserves have expanded by approximately $2.97 billion (or roughly 16.1%) since the start of the current fiscal year.
- Calendar Year Accumulation: Reserves have surged by around $5.38 billion across the ongoing calendar year.
This consistent strengthening of official reserves provides vital cushioning for external payment obligations, sovereign debt management, and energy-related import financing. Alongside these figures, the rupee’s weighted average exchange rate hovered around Rs277.10 per dollar, while the central bank maintained its policy rate at 11.5%.
