Pakistan’s central bank reserves have plunged to $9.06 billion after a record weekly decline of $2.66 billion, triggered by hefty external debt repayments, mainly from commercial borrowing by the Government of Pakistan (GOP).
The total liquid foreign exchange reserves held by the country stood at $14.39 billion as of June 20, 2025. Of this, commercial banks held $5.33 billion in net foreign reserves, according to data released Thursday.
This sharp decline is the largest since March 2022, when SBP’s reserves had fallen by $2.9 billion.
In a statement, the State Bank of Pakistan said that while reserves dipped this week, substantial inflows have already been secured. These include $3.1 billion in commercial loans and over $500 million from multilateral partners. The central bank confirmed these inflows will be reflected in the reserves data for the week ending June 27.
The fall in SBP reserves underlines continued pressure from external liabilities, even as Pakistan seeks to shore up its foreign exchange position through fresh borrowings.
