Pakistan’s foreign exchange reserves saw marginal shifts during the week ending November 28, 2025, as data released by the State Bank of Pakistan showed a slight increase in central bank reserves while overall reserves edged down. According to the weekly update, the reserves held by the State Bank of Pakistan rose by $14.1 million, pushing the total to $14.57 billion. This marks a modest 0.10 percent week-on-week rise and reflects continued efforts to maintain reserve stability amid fluctuating global and domestic economic conditions.
Despite the uptick in SBP’s reserves, the country’s total liquid foreign exchange reserves recorded a slight decrease. Total reserves stood at $19.59 billion, down by $16.5 million or 0.08 percent compared to the previous week. The shift highlights the mixed trends shaping Pakistan’s external financial position, where gains at the central bank level were offset by declines in other areas.
One of the key contributors to the overall drop was the decline in reserves held by commercial banks. Their foreign currency holdings fell by $30.6 million, lowering the total to $5.01 billion. This accounts for a 0.61 percent week-on-week decline and reflects ongoing adjustments within the banking sector as institutions navigate import payment requirements, external obligations, and liquidity management challenges.
Despite weekly fluctuations, the broader fiscal trends paint a more encouraging picture. Since the start of the current fiscal year, SBP-held reserves have risen significantly by $5.51 billion, marking a growth of 60.79 percent. This reflects the impact of policy reforms, inflows from international partners, and improved foreign exchange management. Similarly, the calendar year 2025 has seen an increase of $2.86 billion in SBP reserves, showing year-to-date growth of 24.46 percent.
The weekly snapshot also detailed changes across key reserve components. The State Bank’s reserves increased from $14.56 billion to $14.57 billion, while commercial bank reserves fell from $5.04 billion to $5.01 billion. Total liquid foreign reserves moved from $19.60 billion to $19.58 billion. These movements, though relatively small, play an important role in shaping the foreign exchange outlook, influencing import capacity, currency stability, and investor sentiment.
The rise in central bank reserves suggests that Pakistan continues to maintain a steady inflow of external support, whether through multilateral disbursements, improved remittance flows, or controlled external payments. At the same time, the slight dip in overall reserves underscores the delicate balance required to manage external obligations amid evolving global financial pressures.
As policymakers monitor these shifts closely, the latest figures contribute to ongoing assessments of Pakistan’s economic resilience. Foreign exchange reserves remain a critical indicator for the country’s ability to meet external payments, stabilize the currency, and maintain confidence among lenders and investors. While the weekly change is modest, the sustained year-to-date improvement offers a positive signal for the broader economic landscape as the country continues navigating fiscal adjustments and external economic challenges.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.