The State Bank of Pakistan (SBP) has purchased nearly $7 billion from the interbank foreign exchange market over the last 12 months, underscoring a sustained effort to rebuild reserves and stabilize Pakistan’s external position, according to official data released on Tuesday.

SBP remained a net buyer of dollars throughout the period from November 2024 to October 2025, acquiring a total of $6.9 billion from the domestic FX market. The central bank bought $1 billion each in September and October 2025, reflecting a continued focus on strengthening buffers against external shocks.

An analyst at Topline Securities noted, “SBP’s consistent presence in the interbank market signals confidence in external inflows and a clear intent to build reserves without destabilizing the rupee.”

Pakistan’s foreign exchange reserves have shown a steady recovery since late 2024. Reserves stood at $10.74 billion in September 2024, climbed to $12.03 billion by November, but later dipped to $10.28 billion in April 2025 due to debt repayments and external outflows.

A major turnaround came in May and June 2025, when reserves surged by $4.23 billion, reaching $14.5 billion. After slight adjustments in the following months, reserves closed at $14.2 billion by September 2025.

The recovery has continued into 2026. As of January 16, 2026, SBP’s foreign exchange reserves have crossed $16 billion, signaling improved external stability, better inflows, and enhanced market confidence.

Economists believe sustained dollar purchases, coupled with controlled imports and expected external financing, will help Pakistan manage near-term financing needs and reduce pressure on the currency.