SBP conducts $7.2 billion in foreign exchange interventions to boost reserves from June to April 2025

The State Bank of Pakistan (SBP) carried out strategic foreign exchange interventions totaling $7.2 billion from June 2024 to April 2025, contributing to a USD 885 million increase in the country’s foreign exchange reserves, according to Arif Habib Limited (AHL). 

The remaining amount from these interventions was primarily allocated to manage debt repayments.

A monthly breakdown of SBP data reveals that the SBP purchased $573 million in June 2024, followed by $722 million in July, $569 million in August, and $946 million in September. 

The interventions peaked in November 2024, with a purchase of $1.15 billion, before gradually tapering off with $536 million in December, $154 million in January 2025, $223 million in February, $860 million in March, and $473 million in April 2025.

Amid these interventions, Pakistan’s foreign exchange reserves experienced mixed movements. Reserves were boosted by $280 million to $9.39 billion in June 2024 but saw a reduction of $169 million to $9.22 billion in July 2024. 

In August 2024, reserves rose by $216 million to $9.44 billion, followed by a sharp surge of $1.3 billion to $10.74 billion in September. The upward trend continued with reserves increasing by $466 million to $11.2 billion in October, and another boost of $835 million to $12.03 billion in November 2024.

However, the following months saw a decline in reserves. December 2024 recorded a decrease of $306 million to $11.73 billion. In January 2025, reserves reduced further by $313 million to $11.4 billion, and in February, they fell by $169 million to $11.25 billion. March saw a notable decline of $611 million, followed by a decrease of $364 million in April, bringing reserves down to $10.28 billion.

The SBP’s interventions have played a key role in stabilizing Pakistan’s foreign exchange market, contributing to a mixed yet managed trend in reserves while meeting external debt obligations.