Pakistan’s foreign currency assets are expected to face a net outflow of $21.60 billion due to maturing foreign currency loans, securities and deposits, according to the latest International Reserves and Foreign Currency Liquidity Report released by the State Bank of Pakistan (SBP). The report, based on data as of September 30, 2026, highlights the country’s upcoming foreign currency payment obligations across different maturity periods. Official reserve assets stood at $31.43 billion at the end of September, while the projected outflows reflect the principal and interest payments due on external liabilities. The maturity breakdown indicates that a substantial portion of these payments falls within the period extending beyond three months and up to one year, making this the largest category of expected foreign currency outflows.
By residual maturity, Pakistan is expected to meet $16.54 billion in foreign currency obligations in the more-than-three-months-to-one-year period. Another $1.04 billion is payable within the next month, while an additional $4.01 billion falls due within one to three months. These figures show that the bulk of the expected outflow is concentrated in the medium-term maturity bracket rather than immediate payment obligations. The report covers maturing foreign currency loans, securities and deposits and provides a breakdown of the external liquidity requirements that could affect the country’s foreign currency position as these liabilities become due.
Principal repayments account for $17.54 billion of the projected total outflow, representing the larger portion of Pakistan’s foreign currency payment obligations. Of this amount, $13.57 billion is scheduled to fall due in the more-than-three-months-to-one-year maturity category. Interest payments add another $4.06 billion to the expected outflow, with $2.98 billion also concentrated in the same maturity bracket. The breakdown demonstrates that the country’s upcoming external payment requirements are primarily linked to repayment of borrowed principal, although interest obligations also contribute a sizeable amount to the overall foreign currency outflow. The concentration of both principal and interest payments within the same maturity period highlights the importance of managing external financing requirements over the coming months.
The SBP report also identifies a net shortfall of $808 million in aggregate short and long positions in forwards and futures. The short positions stand at $2.10 billion, while long positions of $1.29 billion provide a partial offset. This position represents another component of the country’s foreign currency liquidity assessment, alongside the maturity profile of loans, securities and deposits. The difference between the short and long positions indicates that the reported forward and futures exposure remains net short, adding to the information available for assessing Pakistan’s external currency commitments and financial position.
On the asset side, Pakistan’s reserve portfolio is largely supported by foreign currency holdings in convertible currencies, which totalled $18.09 billion at the end of September. These holdings represent the most liquid component of the central bank’s external reserve assets and include $5.85 billion in securities. Currency and deposits accounted for a further $12.24 billion, showing the significant role of deposits maintained with different financial institutions in the country’s reserve portfolio. Of these deposits, $7.39 billion was held with other national central banks, the Bank for International Settlements and the International Monetary Fund (IMF), while $4.84 billion was maintained with banks headquartered outside the reporting country. An additional $13.71 million was placed with foreign branches of domestic banks.
Gold holdings also contributed substantially to Pakistan’s official reserve assets. The SBP held 2.084 million fine troy ounces of gold, valued at $8.70 billion as of September 30, 2026. The gold component provides another source of reserve value alongside foreign currency securities, deposits and other international assets. The report further shows that Pakistan’s reserve position with the IMF stood at $0.16 million, while Special Drawing Rights (SDRs) contributed $156.86 million to the total reserves. Other reserve assets amounted to $4.48 billion, representing another significant component of the country’s reported external holdings.
In addition to official reserve assets, Pakistan held another $107.69 million in other foreign currency assets. Taken together, the figures provide an overview of the country’s external liquidity position at the end of September, with official reserves reaching $31.43 billion against a projected $21.60 billion net outflow from maturing foreign currency obligations. The maturity profile shows that most of the expected payments are concentrated in the period of more than three months and up to one year, while principal repayments make up the largest share of the liabilities. The report also details the composition of foreign currency reserves, including convertible currency holdings, gold, deposits, IMF-related assets and other reserve components, offering a broader picture of Pakistan’s external assets and payment commitments.
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