SBP's strategic forex interventions totalled $15.4 billion in 22 months
Interventions ranged from $154 million to $1,033 million a month, with October 2025 marking the highest monthly figure
KARACHI: The State Bank of Pakistan (SBP) conducted net foreign exchange interventions totalling $15.4 billion between June 2024 and April 2026, according to data compiled by Arif Habib Limited (AHL).
In April 2026 alone, the SBP's net foreign exchange interventions stood at $667 million, unchanged from the $667 million recorded in March 2026.
According to the data, SBP's reserves stood at $15,851 million in April 2026, down $531 million month-on-month from $16,382 million in March 2026.
Reserves had risen steadily in preceding months, from $16,299 million in February 2026 and $16,157 million in January 2026, following a sharp jump of $1,465 million in December 2025 that took reserves to $16,054 million from $14,589 million in November 2025.
Earlier in the period, reserves had climbed from $11,418 million in January 2025 to $14,506 million by June 2025, before hovering in the range of $14,175 million to $14,503 million between September and October 2025.
On a monthly basis, SBP's net FX interventions ranged widely across the period. The highest monthly intervention was recorded in October 2025 at $1,033 million, followed by $1,024 million in December 2025 and $1,023 million in September 2025.
The lowest monthly intervention was $154 million in January 2025.
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