Pakistan’s total liquid foreign exchange reserves rose by $65.9 million to $26.863 billion in the week ended October 9, the State Bank of Pakistan said on Thursday.
Reserves held by the central bank increased by $15.8 million to $21.470 billion, up from $21.454 billion a week earlier. Commercial banks held $5.394 billion, a rise of $50.1 million over the week.
The arithmetic is straightforward: the central bank’s $15.8 million gain plus the commercial banks’ $50.1 million gain equals the $65.9 million headline increase for the week.
Where the Pakistan foreign exchange reserves stand
The weekly build-up is small but steady. SBP reserves have inched up for several weeks, and the headline total is now within touching distance of $27 billion, a level that gives the central bank more room to smooth out currency swings.
The gap to $27 billion is now just $137 million, roughly two average weeks of build-up at the current pace, which is why the $27 billion mark is described as within touching distance.
The current reserves cover 3.04 months of imports. That matters because Pakistan imports most of its fuel, and every daily fuel price revision is a reminder of how exposed the import bill is to global oil prices. Earlier this month, petrol stood at Rs387.40 a litre before the daily revisions pushed it higher and then pulled it back.
The IMF backdrop
The reserves data lands against a supportive external picture. Pakistan recently reached an IMF staff-level agreement for a $1.2 billion tranche, and the export-led growth push the government announced this month is meant to earn the dollars that keep reserves healthy. Stronger reserves also calm the currency market, which in turn steadies import costs for businesses.
Analysts generally treat three months of import cover as the minimum comfort zone. At 3.04 months, Pakistan is just above that line, which is why every weekly SBP release is watched closely.
Why the weekly SBP release matters
The central bank publishes reserves data every Thursday, and markets read it as a health check on the external account. Reserves rise when export earnings, remittances, and official inflows outpace the import bill; they fall when the country pays more for imports and debt service than it earns.
That makes the weekly figure a useful early signal. A steady build-up suggests the external account is holding together, while a sharp fall can foreshadow pressure on the rupee. For now, the direction is up, if only modestly, and the cushion above the three-month line gives policymakers a little breathing room.
Frequently asked questions
What are Pakistan’s total foreign exchange reserves?
Total liquid reserves stood at $26.863 billion as of October 9, 2026, up $65.9 million over the week.
How much does the State Bank hold?
The SBP held $21.470 billion, up $15.8 million from $21.454 billion a week earlier.
How much do commercial banks hold?
Commercial banks held $5.394 billion, up $50.1 million over the week.
How many months of imports do the reserves cover?
The current reserves can cover imports for 3.04 months.
