Pakistan’s total foreign exchange reserves increased to US$18.4 billion by the end of FY26, rising by nearly US$5.5 billion from US$13 billion a year earlier, reflecting a notable improvement in the country’s external liquidity position.
Speaking at a media briefing in Karachi, State Bank of Pakistan (SBP) Governor Jameel Ahmad said the higher reserves have eased foreign currency liquidity pressures, supported the normalization of imports, and enabled the timely repayment of Pakistan’s external debt obligations.
He noted that, excluding external debt repayments made during the fiscal year, the country’s foreign exchange reserves would have reached approximately US$23 billion, underscoring the strength of external inflows.
The governor further stated that while Pakistan’s total external debt has remained broadly stable at around US$100 billion since FY22, the country’s foreign exchange reserves have surged nearly six-fold from about US$3 billion three years ago, significantly improving external resilience.
Additionally, the SBP highlighted a substantial decline in its forward foreign exchange liabilities, which fell from nearly US$5.8 billion at the beginning of 2023 to around US$950 million by the end of June 2026, bringing them below the US$1 billion mark.
