The State Bank of Pakistan (SBP) conducted net foreign exchange interventions worth $15.4 billion between June 2024 and April 2026, reflecting its continued efforts to strengthen the country’s external financial position.
According to data compiled by Arif Habib Limited using figures released by the State Bank of Pakistan, the central bank recorded net foreign exchange interventions of $667 million in April 2026 alone.
The data also showed a significant improvement in Pakistan’s foreign exchange reserves during the period. SBP reserves increased from approximately $9.3 billion in June 2024 to $15.9 billion by April 2026, despite fluctuations in monthly reserve levels.
Reserve accumulation accelerated during several months, particularly in mid-2025, when the central bank posted one of its strongest monthly increases. The consistent positive net foreign exchange interventions throughout the period indicate SBP’s active participation in the foreign exchange market to support reserve growth.
Despite the overall upward trend, SBP’s foreign exchange reserves declined by $531 million on a month-on-month basis in April 2026. However, the central bank continued to purchase foreign currency from the market, recording net interventions of $667 million during the month.
The latest figures highlight the SBP’s sustained strategy of strengthening Pakistan’s foreign exchange reserves while maintaining stability in the domestic foreign exchange market.
