Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a modest increase of $20.6 million, or 0.13% week-on-week (WoW), reaching $16.18 billion for the week ending February 6, 2026, according to official data released on Thursday. This rise reflects continued efforts to maintain stability in the country’s external accounts and ensure sufficient liquidity to support imports, debt obligations, and economic activity.
Alongside the SBP-held reserves, the country’s total liquid foreign reserves, including holdings by commercial banks, increased by $36 million, or 0.17% WoW, to $21.37 billion. Commercial banks contributed to this growth, with their net foreign reserves rising by $15.4 million, or 0.30% WoW, to $5.2 billion, demonstrating ongoing strengthening of the banking sector’s external liquidity position.
The cumulative growth of SBP-held reserves during the current fiscal year has been substantial, increasing by $7.11 billion or 78.47%, highlighting a significant improvement in Pakistan’s foreign exchange position compared to previous years. The current calendar year has also seen positive momentum, with reserves rising by $262.7 million, or 1.65%, indicating steady replenishment of external liquidity and a growing buffer against external shocks.
A week-by-week comparison of holdings shows that as of February 6, 2026, SBP reserves stood at $16,177.8 million, up from $16,157.2 million on January 30, while reserves held by commercial banks increased to $5,196.9 million from $5,181.5 million. The combined total liquid reserves reached $21,374.7 million, compared to $21,338.7 million in the previous week, signaling gradual but consistent gains in the country’s foreign exchange position.
Analysts note that the increase in foreign reserves is essential for Pakistan as it continues to navigate external pressures, including import financing, debt servicing, and maintaining confidence among international investors and financial institutions. Higher reserve levels can also provide a buffer against currency volatility and support the implementation of monetary and fiscal policies aimed at economic stabilization.
The growth in reserves during the fiscal year underscores the effectiveness of measures taken by the SBP, in coordination with the federal government, to improve external account management. These include attracting foreign inflows, facilitating export financing, and implementing prudent debt and liquidity management strategies.
While the week-on-week increases may appear modest, the overall trajectory reflects resilience in Pakistan’s external accounts, supported by both central bank actions and commercial banking sector contributions. Sustained growth in reserves is considered crucial for ensuring economic stability, promoting investor confidence, and supporting macroeconomic reforms in line with ongoing fiscal and monetary policies.
With total liquid reserves now surpassing $21 billion, Pakistan maintains a critical buffer to manage imports, service external debt, and navigate economic uncertainties while continuing efforts to strengthen the banking system and external liquidity position.
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