The State Bank of Pakistan (SBP) purchased a net $9.7 billion from the domestic foreign exchange market between June 2024 and September 2025, according to data released by the central bank on Tuesday. The data highlights the SBP’s consistent role as a net buyer of dollars over the period, aimed at stabilizing the currency and supporting foreign exchange reserves.
The central bank’s net foreign exchange intervention, which includes outright and swap purchases minus sales conducted with banks in the interbank market, shows a sustained pattern of dollar accumulation. Monthly data reveals SBP bought $573 million in June 2024, $722 million in July, $569 million in August, and $946 million in September.
Buying activity accelerated in the final months of 2024, with purchases of $1.03 billion in October and $1.15 billion in November, before easing to $536 million in December. In 2025, the central bank continued its purchases with $154 million in January, $223 million in February, $860 million in March, and $473 million in April. Additional acquisitions of $522 million in May and $502 million in June were followed by $189 million in July, $257 million in August, and a peak monthly purchase of $1.02 billion in September 2025.
Despite the substantial intervention, SBP’s foreign exchange reserves experienced mixed movements due to inflows and outflows linked to external debt repayments, import payments, and other macroeconomic factors, as compiled by Arif Habib Limited. A significant rebound occurred in May and June 2025, when reserves rose by a combined $4.23 billion to reach $14.5 billion. After moderation in the subsequent months, reserves stood at $14.2 billion by the end of September 2025.
Earlier, the reserves had climbed to $10.74 billion in September 2024 following a sharp $1.3 billion monthly increase, rising further to $12.03 billion by November 2024. However, reserves declined to $10.28 billion by April 2025 before stabilizing later in the year. As of December 19, 2025, SBP’s foreign exchange reserves reached $15.9 billion, reflecting the central bank’s ongoing efforts to strengthen the country’s external liquidity position.
Analysts note that the SBP’s active intervention demonstrates its commitment to managing exchange rate volatility while maintaining sufficient reserves to meet external obligations. The continuous accumulation of foreign currency provides confidence to investors, importers, and exporters, while also reinforcing Pakistan’s ability to support its balance of payments in the face of global economic uncertainties.
This consistent dollar buying underscores SBP’s strategic approach toward enhancing monetary stability, promoting confidence in the Pakistani rupee, and sustaining financial market resilience in a challenging economic environment.
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