The State Bank of Pakistan (SBP) purchased a net $9.7 billion from the domestic foreign exchange market between June 2024 and September 2025, reflecting its active intervention to stabilize the rupee and strengthen the country’s forex reserves, according to central bank data released Tuesday.
Data shows the SBP remained a consistent buyer of dollars, with major purchases including $573 million in June 2024, $946 million in September 2024, $1.15 billion in November 2024, and $1.02 billion in September 2025. Net FX interventions include outright and swap purchases, offset by sales in the interbank market.
Despite these heavy interventions, Pakistan’s foreign exchange reserves fluctuated due to inflows and outflows. Reserves rose to $14.5 billion by June 2025, moderated slightly in subsequent months, and reached $15.9 billion by December 19, 2025, highlighting a steady recovery trend.
SBP’s sustained buying helped stabilize the rupee, support import financing, and manage market volatility amid global and domestic economic pressures. Analysts say consistent intervention has been crucial in maintaining investor confidence and protecting reserves, even as challenges like import payments and debt obligations continue.
An official noted, “The central bank’s proactive purchases aim to ensure stability in the forex market and safeguard Pakistan’s economic resilience against external shocks.”
