State Bank of Pakistan Buys Nearly $7 Billion From Interbank Dollar Market in Last Year

The State Bank of Pakistan (SBP) purchased nearly $7 billion from the domestic foreign exchange market over the past 12 months, according to data released by the central bank. The SBP remained a consistent buyer of dollars, acquiring $1 billion from the interbank FX market in both September and October 2025, bringing total intervention from November 2024 to October 2025 to $6.9 billion.

Monthly data shows the central bank bought $722 million in July 2024, $569 million in August, and $946 million in September 2024. Reserves rebounded strongly in May and June 2025, increasing by $4.23 billion to reach $14.5 billion. After slight moderation in July, August, and September, reserves stood at $14.2 billion at the end of September 2025.

SBP’s foreign exchange reserves had risen to $10.74 billion in September 2024 following a $1.3 billion monthly increase and climbed to $12.03 billion by November 2024, before falling to $10.28 billion in April 2025. In September and October 2025, reserves increased by $1.023 billion and $1.033 billion respectively. As of January 16, 2026, SBP’s foreign exchange reserves have surpassed $16 billion, reflecting proactive measures to strengthen the country’s FX position.