SBP buys $7.45 billion in 12 months to build reserves amid repayments

The State Bank of Pakistan (SBP) has purchased $7.45 billion from the interbank market over the past 12 months to strengthen foreign exchange reserves and meet external debt obligations.

According to the latest data, the central bank bought $728 million in January, down from $1.02 billion in the previous month.

The SBP raised its policy rate by 100 basis points to 11.5%, citing inflation risks linked to higher global oil prices amid Middle East tensions.

The bank said its foreign exchange reserves stood at around $15.8 billion as of April 24, 2026, despite repayments including $3.5 billion to the United Arab Emirates and $1.3 billion against a Eurobond. 

The central bank expects reserves to exceed $18 billion by June.

The SBP said the reserve position has been supported by external financing through bilateral arrangements and Eurobond issuance, as Pakistan returned to international capital markets after more than four years.

The central bank also noted that a staff-level agreement with the International Monetary Fund was reached on March 27, 2026, and the disbursement of the next tranche is expected by mid-May, which will further strengthen the forex reserves position.