SBP Reserves Rise to $21.52 Billion
SBP reserves rise to $21.52 billion, the State Bank of Pakistan reported on Thursday, 29 October 2026, marking the second weekly increase in a row. The central bank’s foreign exchange reserves grew by $33 million during the week ended 23 October 2026, reaching $21,521.7 million.
The gain follows a smaller rise in the previous week. In the week ended 16 October, SBP reserves rose by $19 million to $21.49 billion. The latest increase is therefore larger than the one before it, but it remains modest in size, at roughly 0.15 per cent of the total stock.
Total liquid foreign reserves for the country stood at $26.75 billion as of 23 October. That total combines the SBP’s $21.52 billion with $5.233 billion in net reserves held by commercial banks. Commercial bank reserves fell during the week, from $5.344 billion a week earlier, a drop of $111 million. That fall explains why the country’s total liquid reserves edged down even as the central bank’s own holdings rose.
SBP reserves rise: what the figures show
| Reserve measure | Week ended 23 October 2026 | Week ended 16 October 2026 |
|---|---|---|
| SBP reserves | $21,521.7 million | $21,489 million |
| Commercial bank reserves | $5,233 million | $5,344 million |
| Total liquid reserves | $26,754 million | $26,833 million |
The table makes the pattern clear. The SBP added $33 million, while commercial banks lost $111 million, so the combined total fell by about $79 million. For readers, the distinction matters: the headline gain belongs to the central bank, not to the banking system as a whole, and the total reserve position did not improve in the same week.
Feature Pakistan has tracked this series week by week. The previous week’s figures were reported in the SBP reserves update for the week ended 16 October, and the earlier rise to $21.47 billion was covered in the 21 October reserves report. The new release extends that series, and it keeps the same pattern of small weekly moves rather than a sharp jump in either direction.
Governor’s target: $23 billion by December
The latest increase comes days after SBP Governor Jameel Ahmed said the central bank expects its reserves to reach $23 billion by December 2026 and $25 billion by June 2027. That target was reported in Feature Pakistan’s coverage of the governor’s reserves outlook, and it gives the weekly figures a yardstick. At $21.52 billion on 23 October, the SBP would need to add about $1.48 billion by the end of December to hit the $23 billion mark.
That gap is large compared with recent weekly gains of $19 million and $33 million. It does not mean the target is out of reach, because reserve movements are often lumpy, with inflows from loans, bonds, remittances and export receipts arriving in larger tranches rather than in steady weekly sums. It does mean, however, that the current pace of small weekly gains, on its own, would not close the gap. Larger inflows would need to arrive in November and December.
The governor’s outlook was also discussed in recent coverage of improving economic data, where the central bank pointed to firmer fundamentals behind the reserves path. For households and businesses, the reserves level matters mainly through the exchange rate and import cover.
Why small weekly moves still matter
A $33 million weekly rise will not change the daily life of a household on its own. Its importance lies in direction and in what it rules out. Two consecutive weekly gains, after a period of pressure, suggest that outflows are not currently running ahead of inflows at the central bank. That is a modest but real signal, and it is worth reporting without overstating it.
The commercial bank side deserves the same care. Banks held $5.233 billion in net reserves, down from $5.344 billion. That fall may reflect normal weekly swings in trade finance and customer flows, and a single week’s move should not be read as a trend. The SBP release does not give a reason for the bank-level fall, and this report does not invent one.
For the weeks ahead, the numbers to watch are whether the SBP’s weekly gains stay positive, whether commercial bank reserves stabilise after this week’s fall, and whether larger inflows arrive in time to meet the December target of $23 billion.
Frequently asked questions
How much did SBP reserves rise?
By $33 million in the week ended 23 October 2026, to $21,521.7 million, or $21.52 billion.
