The State Bank of Pakistan (SBP) increased its net foreign exchange purchases from the interbank market by 5.5% to $8.104 billion during fiscal year 2025-26 (FY26), compared with $7.684 billion recorded in the preceding fiscal year, according to data released by the central bank. The figures show that the SBP remained a net buyer of foreign exchange throughout FY26 through outright and swap transactions conducted with banks in the interbank foreign exchange market.
The central bank’s net foreign exchange purchases increased by approximately $420 million year-on-year, taking the total to $8.104 billion during FY26. The data covers the SBP’s outright and swap foreign exchange transactions with banks and reflects the difference between the purchases and sales conducted by the central bank in the interbank market.
SBP defines net FX intervention as outright and swap purchases of foreign exchange minus outright and swap sales by the central bank from or to banks in the interbank foreign exchange market. The measure therefore captures the central bank’s net activity rather than its gross purchases alone. The FY26 data indicates that purchases exceeded sales over the period, leaving the SBP with a net buying position.
The pace of foreign exchange purchases varied considerably from month to month during FY26. Monthly net purchases ranged from $154 million in May 2026 to $1.033 billion in October 2025. The strongest activity was recorded during several months in the first half of the fiscal year, when the central bank’s net purchases increased substantially compared with the initial months of FY26.
In July 2025, the SBP recorded net foreign exchange purchases of $189 million, followed by $257 million in August. Purchases then increased to $1.023 billion in September and reached $1.033 billion in October, the highest monthly level recorded during the fiscal year. Net purchases subsequently moderated to $620 million in November before rising again to $1.024 billion in December 2025.
Foreign exchange purchases continued during the second half of FY26, although the monthly amounts fluctuated. The SBP purchased $728 million in January 2026, followed by $933 million in February and $667 million in March. These transactions kept the central bank in a net buying position during the first three months of the second half of the fiscal year.
The pace of purchases then eased further in April and May 2026. Net foreign exchange purchases stood at $635 million in April before falling to $154 million in May, which was the lowest monthly amount recorded during FY26. The trend changed in June, when purchases rebounded to $841 million, bringing the full-year total to $8.104 billion.
The FY26 figures show that the SBP’s net foreign exchange activity was not evenly distributed throughout the year, with significant differences between individual months. Despite these fluctuations, the central bank remained a net buyer over the full fiscal year. The increase from $7.684 billion in FY25 to $8.104 billion in FY26 represents a higher level of net foreign exchange purchases from the interbank market on an annual basis.
The latest data provides a measure of the SBP’s activity in the interbank foreign exchange market during FY26, based on outright and swap transactions with banks. The central bank’s definition of net FX intervention accounts for both purchases and sales, making the $8.104 billion figure a net amount rather than the total value of foreign exchange bought during the year.
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