SBP Purchased $7.23 Billion from FX Markets

According to central bank data made public on Monday, the State Bank of Pakistan (SBP) procured $7.23 billion from the domestic foreign exchange (FX) markets between June 2024 and April 2025.

The central bank releases data on foreign exchange market interventions with a three-month delay.

According to a report by Arif Habib Limited (AHL) that was published on Tuesday, the SBP’s actions resulted in an $885 million increase in the nation’s foreign exchange reserves, while the remaining funds were used to handle the country’s debt payments.

A monthly analysis of SBP data revealed that it acquired $573 million worth of the greenback in June 2024, followed by $722 million in July, $569 million in August, $946 million in September, $1.03 billion in October, $1.15 billion in November, $536 million in December, $154 million in January 2025, $223 million in February, $860 million in March, and $473 million in April 2025.

Jun-Oct 2024: SBP Buys $3.8bn to Increase FX Reserves

The SBP’s FX reserves saw varied movement throughout the time period as a result of these actions and other inflows and outflows.

Consequently, the foreign exchange reserves increased by $280 million to $9.39 billion in June 2024, but decreased by $169 million to $9.22 billion in July 2024.

The reserves increased by $216 million to $9.44 billion in August, and then by $1.3 billion to $10.74 billion in September. Reserves increased by $466 million to $11.2 billion in October, $835 million to $12.03 billion in November, and then decreased by $306 million to $11.73 billion in December 2024.

The FX reserves fell further by $313 million to $11.4 billion in January 2025, and by $169 million to $11.25 billion in February. In March, it saw a considerable drop of $611 million, followed by a $364 million drop to $10.28 billion in April 2025.

As of July 11, 2025, the SBP reserves are currently at $14.46 billion.

Sana Tawfik, Head of Research at Arif Habib Limited, stated, “These SBP efforts have been critical in increasing the country’s FX reserves during FY25.”

She continued, “This has helped our reserves and aided with our repayments.”