The State Bank of Pakistan (SBP) has reported a modest increase in its foreign exchange reserves during the week ending December 19, 2025, according to data released by the central bank on Friday. SBP-held reserves rose by $15.7 million on a week-on-week basis, reflecting a 0.10 percent increase, and stood at $15.9 billion at the close of the reporting period. The uptick, while limited in size, underscores continued stability in the central bank’s reserve position amid broader fluctuations in the country’s overall foreign exchange holdings.
Despite the improvement in SBP’s reserves, Pakistan’s total liquid foreign reserves declined during the same week. Aggregate reserves fell by $66.4 million, or 0.31 percent week-on-week, to $21.02 billion. The decline was primarily driven by a reduction in reserves held by commercial banks, which recorded a sharper contraction compared to the central bank’s position.
Net foreign reserves held by commercial banks dropped by $82.1 million, or 1.58 percent on a weekly basis, bringing their total holdings down to $5.12 billion. This fall offset the marginal increase seen in SBP reserves, resulting in the overall decrease in the country’s total liquid foreign exchange reserves for the week.
Looking at the broader fiscal picture, SBP reserves have shown significant improvement over the current fiscal year. Since the start of the ongoing fiscal year, reserves held by the central bank have increased by $6.84 billion, representing a substantial growth of 75.44 percent. This rise reflects improved external inflows and stronger reserve management compared to the previous fiscal period.
A similar upward trend is visible when viewed on a calendar-year basis. During the ongoing calendar year, SBP reserves have increased by $4.19 billion, translating into a growth of 35.8 percent. These gains highlight a strengthening position for the central bank over the medium term, despite short-term volatility in weekly reserve figures.
In addition to weekly data, the State Bank of Pakistan also released monthly reserve statistics that further illustrate the longer-term trajectory. SBP-held reserves increased by $85.90 million in November 2025, reaching $14.5888 billion compared to $14.5029 billion in October 2025. This monthly increase points to sustained accumulation at the central bank level.
On a year-on-year basis, SBP reserves recorded an even more notable rise. Compared to November 2024, reserves increased by $2.55 billion, or 21.19 percent, from $12.0379 billion. This annual growth reflects a significant strengthening of the central bank’s foreign exchange buffer over the past year.
Commercial banks, however, showed mixed trends in the monthly data. Net foreign reserves held by banks declined by $122.80 million month-on-month to $4.5483 billion in November 2025, down from $4.6711 billion in the previous month. Despite this monthly decrease, bank-held reserves remained higher on a yearly basis, increasing by $457.70 million compared to $4.0906 billion recorded in November last year.
Overall, Pakistan’s total liquid foreign reserves stood at $19.1371 billion at the end of November 2025, slightly lower than $19.1740 billion in October, marking a net monthly decrease of $36.90 million. On an annual comparison, however, total reserves rose by $3.01 billion, or 18.65 percent, indicating a clear improvement in the country’s external reserve position over the year.
The latest figures suggest that while short-term movements continue to be influenced by changes in commercial bank holdings, the State Bank of Pakistan has maintained a relatively stable and improving reserve base, providing a degree of resilience to the country’s external sector.
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