Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) saw a modest increase of $14 million during the week ending November 28, 2025, bringing the central bank’s total holdings to $14.57 billion. This slight uptick comes amid overall stability in the country’s external financial position, with total liquid foreign exchange reserves remaining broadly unchanged at $19.589 billion, according to the latest weekly data released by SBP.
The data indicates a marginal week-on-week decline of $16 million in total reserves, primarily driven by a reduction in balances held by commercial banks. Specifically, the reserves maintained by commercial banks fell by $31 million to $5.014 billion. Despite these minor fluctuations, Pakistan’s import cover held steady at 2.76 months, reflecting the country’s stable short-term capacity to meet external payment obligations.
Year-to-date figures highlight a significant improvement in the central bank’s foreign exchange position. Since the start of the current fiscal year, SBP-held reserves have grown by $2.864 billion. This increase has been largely supported by disciplined external payments and improved inflows, which have helped bolster Pakistan’s external liquidity and provide stability to the broader financial system.
Analysts note that while the week-on-week changes in reserves appear modest, the sustained increase in SBP holdings underscores the effectiveness of measures to manage external liquidity and maintain confidence in the foreign exchange market. These include strategic management of import payments, timely debt servicing, and attracting foreign currency inflows from remittances and other external sources.
The resilience of Pakistan’s foreign exchange reserves is particularly relevant in the context of ongoing economic pressures, including global financial volatility and domestic fiscal constraints. Maintaining adequate reserves is crucial not only for ensuring uninterrupted import payments but also for supporting macroeconomic stability, exchange rate management, and investor confidence in the country’s financial markets.
Furthermore, the stable import cover of 2.76 months provides reassurance that Pakistan retains sufficient resources to manage essential imports, including energy, food, and raw materials, even amid fluctuating global trade conditions. The increase in central bank reserves highlights the ongoing efforts of financial authorities to sustain a balance between inflows and outflows, ensuring the country’s external sector remains on a stable footing.
Market observers have also emphasized the importance of continuing structural reforms and prudent fiscal measures to maintain foreign exchange reserves at sustainable levels. The data from SBP suggests that while commercial banks’ holdings experienced a temporary decline, the overall health of the external reserves and liquidity position remains robust, supporting confidence in Pakistan’s financial stability.
Overall, the slight rise in SBP reserves to $14.57 billion, coupled with the steady import cover, reflects a cautious yet positive outlook for the country’s external finances, offering policymakers the room to navigate upcoming economic challenges while maintaining market stability.
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