SBP Foreign Exchange Reserves Rise to $21.56bn
SBP foreign exchange reserves rose by $39.5 million to $21.56 billion during the week ended October 30, 2026, the State Bank of Pakistan said on Thursday. It was the third weekly gain in a row.
“During the week ended on 30-Oct-2026, SBP’s FX reserves increased by US$ 39 million to US$ 21,561.2 million,” the central bank said in its weekly statement on the position of liquid foreign reserves. Business Recorder reported the figures on Thursday evening.
The country’s total liquid foreign reserves stood at $26.86 billion as of October 30, up by $110.3 million from $26.75 billion a week earlier. Net foreign reserves held by commercial banks stood at $5.30 billion, up by $71 million from $5.23 billion in the previous week.
SBP foreign exchange reserves keep climbing
The rise extends a steady build through the autumn. In the previous week, SBP-held reserves increased by $33 million to $21.52 billion during the week ended October 23. A week before that, they had risen by $19 million to $21.49 billion.
The bigger picture is the change since June. According to Topline Securities, SBP-held reserves have increased by $3.18 billion since June 2026, rising from $18.38 billion to $21.56 billion. Import cover has improved with the build, reaching 3.93 months as of October 30, against 3.92 months a week earlier.
SBP Governor Jameel Ahmed has said the central bank expects its reserves to reach $23 billion by December 2026 and $25 billion by June 2027. The $25 billion target would lift import cover to about four months, a level the bank sees as a comfortable buffer.
The reserves build has come alongside a tighter monetary stance. The State Bank raised its policy rate by 50 basis points to 12 per cent on October 26, in a nine-to-one vote of the Monetary Policy Committee, citing high energy prices linked to geopolitical tensions and rising inflation risks. The bank kept its growth forecast for 2026-27 at 3.5 to 4.5 per cent and projected workers’ remittances of $45 billion for the year.
Reserves and the rupee strengthen together
The reserves rise landed on the same day the rupee closed at Rs276.67 against the dollar for a 277th straight day of gains. The two trends reinforce each other. Rising reserves give the central bank room to smooth volatility in the currency market, while a stable rupee reduces the cost of servicing foreign debt and eases pressure on import prices.
External support has also helped. Pakistan reached a staff-level agreement with the International Monetary Fund on October 7 on the fourth review of the Extended Fund Facility and the third review of the Resilience and Sustainability Facility, clearing the way for about $1.21 billion, of which roughly $1 billion falls under the EFF and $210 million under the RSF.
Loan rollovers from friendly countries have added to the cushion. China and Kuwait rolled over $4.3 billion in loans, and Saudi Arabia rolled over a $3 billion loan, easing repayment pressure while reserves rebuild. Exports to Europe have slipped, but exports to the UK grew, and remittances remain the steadiest inflow.
The test now is whether the build can continue through the winter, when energy imports rise and the Middle East war keeps oil prices volatile. The central bank’s own target gives it a clear yardstick: $23 billion by December, $25 billion by June. The third straight weekly gain keeps it on that path, but the margin is thin, and a single week of heavy outflows can erase several weeks of gains.
Frequently asked questions
How much did SBP reserves rise?
SBP-held foreign exchange reserves rose by $39.5 million to $21,561.2 million in the week ended October 30, 2026. It was the third weekly gain in a row.
What are Pakistan’s total liquid reserves?
Total liquid foreign reserves stood at $26.86 billion as of October 30, up $110.3 million in the week. The figure includes $21.56 billion held by the SBP and $5.30 billion held by commercial banks.
What is the SBP’s reserves target?
Governor Jameel Ahmed expects reserves to reach $23 billion by December 2026 and $25 billion by June 2027, which would lift import cover to about four months.
How much have reserves risen since June?
SBP-held reserves have increased by $3.18 billion since June 2026, from $18.38 billion to $21.56 billion, according to Topline Securities.
