The State Bank of Pakistan’s (SBP) foreign exchange reserves rose by $21 million over the past week, reaching $14.44 billion as of October 10, 2025, according to data released on Thursday.
The central bank reported that total liquid foreign reserves, which include holdings by both the SBP and commercial banks, stood at $19.81 billion. Of this, commercial banks held $5.37 billion in net foreign reserves.
This uptick comes just as Pakistan and the IMF reached a staff-level agreement to unlock a USD 1.2 billion tranche, a move seen as reinforcing confidence in the country’s stabilization agenda.
In recent weeks, SBP reserves have climbed consistently, from USD 14,420.1 million in early October to the current figure, despite ongoing debt service and external demand.
With the IMF deal expected to bring fresh liquidity and potential access to new capital markets, maintaining upward momentum in reserves will be crucial.
The next challenge lies in converting this buffer into real import cover and cushioning external vulnerabilities.
