Overview
- The State Bank of Pakistan reported for the week ended July 10 that its foreign-exchange reserves dropped by $1.245 billion to about $17.23 billion, leaving total liquid reserves near $22.68 billion.
- The decline followed a $1.944 billion gain the prior week that had pushed SBP reserves to roughly $18.47 billion, showing how large, scheduled repayments produce lumpy weekly swings.
- Commercial banks’ net FX buffers fell by about $68 million to roughly $5.45 billion, so the combined fall reduced total liquid reserves from about $23.99 billion the previous week.
- SBP Governor Jameel Ahmad said the central bank has become a net buyer of dollars in the domestic market and expects reserves to rise toward a $20 billion target by December 2026.
- Over the past two years the SBP rebuilt buffers with IMF and multilateral disbursements, bond proceeds and higher remittances, but heavy debt servicing means reserves will likely remain volatile and closely watched for effects on the rupee and import financing.