SBP mops up $10.8 billion from domestic FX market since June 2024

State Bank of Pakistan data shows the central bank purchased $10.76 billion from domestic foreign exchange markets between June 2024 and October 2025, according to SBP figures released on Tuesday.

The central bank reports foreign exchange market interventions with a three-month lag, and defines its net FX intervention as “outright and swap purchases of foreign exchange minus outright and swap sales of foreign exchange by the SBP from/to banks in the interbank foreign exchange market," said the SBP.

Monthly SBP data shows varied purchases over the period, including $573 million in June 2024, $946 million in September 2024, $1.15 billion in November 2024, $860 million in March 2025, and about $1.02 billion in both September and October 2025.

During these interventions and other inflows and outflows, Pakistan’s foreign exchange reserves have moved unevenly. According to data from Arif Habib Limited, reserves rose by $1.3 billion to $10.74 billion in September 2024 and later climbed by $2.99 billion to $14.5 billion in June 2025, among other monthly changes.

As of January 16, 2026, SBP foreign exchange reserves stood at $16.09 billion, the data shows.