According to a report in Topline Securities, the State Bank of Pakistan (SBP) purchased 2 502 million from the interbank foreign exchange market in June 2025.
With this latest intervention, the total foreign currency purchase for the current fiscal year (25) of the central bank is $ 7.7 billion.
This stable purchase, combined with external debt payments, has helped to significantly increase Pakistan’s foreign exchange reserves, analysts say.
In June 2024, the country’s reserves increased from $ 9.4 billion to $ 14.51 billion from June 2025.
Earlier, the central bank purchased $ 522 million in May 2025 and $ 473 million in April 2025.
At the reserve level level of $ 14.51 billion is the target of Pakistan’s IMF program and high levels of reserve have been identified in recent years, which improves the import cover for about 2.5 2.5 months, which is more than 1.7 months a year ago.
The IMF’s first review of Pakistan’s Extension Fund Facility (EFF) was completed in May 2025, which paved the way for additional supply and flexibility and stability (RSF) approval.
Ranking agencies have responded positively: S&P upgraded Pakistan’s sovereignty rankings (from CCC+), citing strong external buffers and more stable policies. However, external responsibilities are heavy, in which Pakistan faces more than 23 billion external debt payments in the financial year 2026, which keeps pressure on stability.
Since Pakistan is moving forward under the IMF program, future reserve trends will reduce the country’s capacity to handle rollover risks during the balance of import exports, remittances, and upcoming loans.