Pakistan’s short term foreign currency liabilities reached $24.38 billion in July 2026, with the country’s foreign currency assets expected to face significant outflows due to the maturity of foreign currency loans, securities and deposits, according to the latest liquidity report released by the State Bank of Pakistan. The data highlights the scale of foreign currency obligations falling due across different maturity periods and shows that a substantial portion of the expected payments is concentrated in the period extending beyond three months and up to one year. The overall position remains an important consideration for Pakistan’s external account and foreign exchange liquidity, particularly as the country continues to manage sizeable foreign currency obligations alongside its reserve position.
According to the report, the largest share of the expected $24.38 billion net outflow falls within the more than three months up to one year maturity bracket, which accounts for $18.58 billion. This makes the medium short term period the most significant segment of Pakistan’s upcoming foreign currency obligations. In comparison, $783.68 million is scheduled to be paid within the next month, while another $5.02 billion falls due during the one to three month period. The distribution of these liabilities shows that although the immediate one month requirement is relatively smaller, a considerably larger amount is concentrated over the following months, placing continued importance on the availability of foreign exchange resources and external financing flows.
The principal component of the projected outflows stands at $20.61 billion. Of this amount, $15.64 billion is scheduled within the more than three months up to one year maturity period. Interest payments represent an additional financial obligation of $3.78 billion, with $2.94 billion of the interest-related outflows falling within the longest maturity bracket identified in the report. The figures indicate that Pakistan’s external foreign currency requirements consist not only of repayments of principal amounts but also of sizeable interest obligations. Managing these payments will therefore remain closely linked with the country’s ability to maintain adequate foreign exchange liquidity and ensure the timely availability of funds for upcoming obligations.
The report also highlights Pakistan’s position in forward and futures contracts. Aggregate short and long positions in these instruments show a net shortfall of $1.08 billion. Short positions stand at $2.40 billion, while long positions provide a partial offset of $1.32 billion. This position adds another dimension to the country’s foreign exchange exposure, alongside the liabilities arising from loans, securities and deposits. The overall data underlines the near term pressure on Pakistan’s external account and points to the importance of continued foreign currency inflows, timely rollovers of obligations and careful management of external liabilities to support reserve adequacy.
Despite these obligations, Pakistan’s official reserve assets stood at $26.63 billion as of July 31, 2026, according to the latest data released by the State Bank of Pakistan. Foreign currency reserves held in convertible currencies formed the largest component of the reserve portfolio, amounting to $15.57 billion. These reserves represent the most liquid portion of the country’s official external buffers. Within this category, securities accounted for $3.50 billion, contributing to the overall foreign currency reserve position available to support external liquidity requirements.
Gold holdings also represented a significant component of Pakistan’s reserve assets. The State Bank of Pakistan held 2.084 million fine troy ounces of gold, valued at $8.39 billion. The gold holdings provide an additional component of the country’s reserve portfolio and serve as a strategic asset against currency volatility and external financial shocks. Alongside gold and convertible currency reserves, currency and deposits with various institutions accounted for $12.06 billion. Of this amount, $7.20 billion was deposited with other national central banks, the Bank for International Settlements and the International Monetary Fund, while another $4.85 billion was held with banks headquartered outside the reporting country. A further $13.69 million was placed with foreign branches of domestic banks.
The remaining components of Pakistan’s official reserve assets include an IMF reserve position of $0.16 million and Special Drawing Rights worth $297.67 million. Other reserve assets accounted for $2.37 billion. In addition to the official reserve assets, Pakistan held another $106.02 million in other foreign currency assets. The combination of these reserve components provides the broader picture of Pakistan’s external liquidity position at the end of July 2026. While the country maintained $26.63 billion in official reserve assets, the $24.38 billion expected foreign currency outflow demonstrates the importance of maintaining sufficient liquidity, securing continued external inflows and managing maturing obligations in a timely manner.
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