Fitch maintains Pakistan’s B- foreign currency rating, assigns Recovery Rating RR4
Fitch Ratings has maintained Pakistan’s long-term foreign currency debt rating at B- and assigned a Recovery Rating of RR4, reflecting the updated sovereign credit assessment framework introduced in September 2025.
When Finance Stops Believing
Pakistan’s financial system continues to function smoothly, but credit allocation has become selective, reflecting a narrowing of confidence and ambition. Short-term lending retreats while long-term credit persists out of compulsion, highlighting how banks prioritize stability and certainty over risk-taking, and how digitisation professionalizes restraint rather than reviving broad economic belief.
State Bank Reserves Rise to $14.57bn While Total Reserves Dip Slightly
Pakistan’s foreign exchange reserves held by the State Bank increased to $14.57bn during the week ending November 28, 2025, despite a slight decline in total reserves.
Pakistan’s Economic Outlook Strengthens as Inflation Falls and Reserves Build
Pakistan’s economy is entering a stronger growth phase as inflation falls sharply and foreign exchange reserves strengthen. Economic indicators point toward improved macroeconomic stability, signaling renewed investor confidence and policy effectiveness.
SBP Injects Rs12.34 Trillion into Market to Sustain Liquidity
The State Bank of Pakistan injected Rs12.34 trillion into the financial system through reverse repo purchases and Shariah-compliant open market operations, underscoring efforts to stabilize liquidity and maintain smooth market functioning.
SBP Injects Rs1.44 Trillion Through OMO to Ease Market Liquidity
The State Bank of Pakistan injected Rs1.44 trillion into the market through conventional reverse repo and Shariah-compliant OMOs, easing liquidity pressures in the banking sector. The operation included Rs1.08 trillion via reverse repo and Rs363 billion through Modarabah-based injections, ensuring stability across both conventional and Islamic banking systems.
NIBAF Hosts Specialized Two-Day Training on Currency Management Program for SBP-BSC Officers
NIBAF Pakistan conducted a two-day training on the Currency Management Program from August 18–19, 2025, at its Islamabad campus. Led by Mr. Mohsin Ramzan, the program enhanced SBP-BSC officers’ skills in handling cash operations, counterfeit detection, and best practices in currency management.
SBP Injects Rs1.72 Trillion Into Market via Conventional and Shariah-Based OMO to Ease Liquidity
The State Bank of Pakistan injected Rs1.72 trillion into the banking system through a combination of conventional reverse repos and Shariah-based Modarabah OMOs to ease liquidity, reinforcing its role in stabilizing money markets and supporting financial flows.
VIS reaffirms ‘AAA/A1+’ ratings of National Bank of Pakistan, citing stable outlook and resilient franchise
VIS Credit Rating has reaffirmed the ‘AAA/A1+’ ratings of National Bank of Pakistan with a stable outlook, recognizing the bank’s strong franchise, steady liquidity, advancing digital initiatives, and secure capital profile amid evolving market conditions.