The State Bank of Pakistan (SBP), the country’s central bank, bought $8.78 billion from the interbank foreign exchange market between August 2025 and July 2026. Officials used the purchases to strengthen foreign exchange reserves and to help meet external debt payments.
Buying continued into the summer. In July the SBP acquired $863 million, slightly above the $841 million taken from the market in June.
Reserves and official targets
On 16 October, SBP reserves stood at about $21.5 billion. That level was described as enough to pay for roughly three months of imports — a common yardstick for how long the country can cover essential foreign purchases.
The bank is aiming for $23 billion by December 2026 and $25 billion by June 2027. Governor Jameel Ahmad said those targets already take account of debt repayments and the need to finance the current account, the balance of trade and income flows with the rest of the world.
Debt servicing and remittances
External debt servicing obligations were put at $21.5 billion. Of that, $7.3 billion in principal was rolled over — meaning repayment was deferred by agreement — about $5 billion was repaid, and around $5 billion remained due.
Separately, the SBP raised its remittance forecast for the current fiscal year to $45 billion from $44 billion. Remittances are money Pakistani workers send home from abroad and are a major source of foreign currency.
Timeline: what has happened so far
- August 2025–July 2026: The SBP bought a total of $8.78 billion in the interbank market.
- June: Interbank purchases amounted to $841 million.
- July: Purchases rose to $863 million.
- 16 October: Reserves were reported at about $21.5 billion, covering roughly three months of imports.
- By December 2026 / June 2027: Official reserve targets are $23 billion and $25 billion respectively.
Aasan alfaaz mein
State Bank ne pichhle 12 mahine mein interbank market se $8.78 billion khareede hain taake mulk ke dollar reserves mazboot hon. 16 October ko reserves lagbhag $21.5 billion the, jo roughly teen mahine ki imports ke barabar hain. Bank ka hadaf December 2026 tak $23 billion aur June 2027 tak $25 billion hai. Remittances ka andaza bhi $45 billion tak barha diya gaya hai, jo bahar se aane wale paise ke liye achhi nishan hai.
