KARACHI: The State Bank of Pakistan (SBP) has purchased $9.7 billion from the interbank foreign exchange market over the past 16 months, highlighting persistent dollar scarcity despite the rollover of a large portion of the country’s external loans, according to official data.
From June 2024 to September 2025, the central bank remained an active buyer in the currency market, purchasing close to $1 billion almost three times a month, with acquisitions exceeding $1 billion in September 2025 alone. The continued intervention reflects the SBP’s efforts to shore up foreign exchange reserves amid external financing pressures.
A key factor supporting the SBP’s dollar purchases during this period was a sharp rise in workers’ remittances, which reached a record $38 billion in FY25. The strong inflow of remittances has continued into the first quarter of FY26, providing much-needed foreign exchange liquidity to the market and enabling the central bank to build reserves.
In the first quarter of FY26, the SBP purchased $1.469bn, lower than the $2.237bn bought during the same period of FY25. However, September FY26 recorded a notable increase, with the SBP buying $1.023bn, the highest monthly purchase so far in the current fiscal year.
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By comparison, dollar buying was more aggressive in the first half of FY25. During that period, the SBP purchased $946 million in September, followed by $1.026bn in October and $1.151bn in November. These purchases were largely aimed at managing external debt repayments and easing pressure on the balance of payments, a strategy that contributed to maintaining a current account surplus during parts of the year.
According to the latest data, from June 2024 to September 2025, the SBP bought about $1bn three times a month and exceeded $1bn in September 2025. https://t.co/jo7QgrF3L3
— Dawn Business (@dawn_business) December 31, 2025
Overall, from June 2024 to June 2025, the SBP purchased a cumulative $8.257bn from the interbank market. This amount exceeded the size of Pakistan’s three-year loan programme with the International Monetary Fund (IMF), underscoring the scale of the central bank’s market intervention. While IMF financing often comes with stringent policy conditions, it remains a key source of external support for the government.
The SBP has not yet released data on its dollar purchases for October, November, and December of FY26. Market participants are closely watching upcoming figures to assess the central bank’s intervention strategy and the sustainability of foreign exchange inflows, particularly in the context of external debt obligations and global economic uncertainty.
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