The State Bank of Pakistan (SBP) held US$21.4392 billion in foreign-exchange reserves as of 25 September 2026—not US$21.7 billion. Pakistan’s total liquid reserves, which also include commercial-bank holdings, were US$26.7709 billion. The government says SBP purchases of foreign exchange were the primary support for the recent rise, rather than increased external borrowing; that is the government’s explanation, not a published breakdown of every source of the increase.
How much does Pakistan’s State Bank hold?
In its snapshot dated 25 September 2026, the SBP reported reserves of US$21,439.2 million, or US$21.4392 billion. That is the central bank’s reserve balance on that date, not a live figure for 8 October or a measure of all foreign exchange held in Pakistan. The SBP’s liquid foreign-exchange reserves snapshot gives the date and breakdown.
SBP reserves and total reserves are different measures
The same SBP snapshot reported total liquid reserves of US$26,770.9 million (US$26.7709 billion). The total includes reserves held by commercial banks as well as the SBP’s holdings.
| Measure | Amount on 25 September 2026 | What it represents |
|---|---|---|
| SBP reserves | US$21,439.2 million (US$21.4392 billion) | Foreign-exchange reserves held by the central bank |
| Commercial-bank reserves | US$5,331.7 million | Commercial banks’ share in the SBP snapshot |
| Total liquid reserves | US$26,770.9 million (US$26.7709 billion) | SBP and commercial-bank reserves combined |
Why did reserves rise?
The Ministry of Information and Broadcasting’s account of Prime Minister Shehbaz Sharif’s remarks says the latest rise was primarily supported by SBP purchases of foreign exchange rather than an increase in external borrowing. The account also says the Prime Minister noted a reduction in outstanding foreign-exchange-related obligations. These are the government’s stated explanations; the cited material does not quantify how much of the reserve change came from purchases, other inflows or changes in liabilities. The ministry’s statement on SBP reserves provides the attribution.
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What changed in the latest weekly report?
The Associated Press of Pakistan reported that SBP reserves increased by US$39 million in the week ended 25 September, reaching US$21.4392 billion. That weekly movement is distinct from the total liquid-reserves figure, which includes commercial banks. APP’s weekly reserve report gives the weekly change.
There is a discrepancy in the commercial-bank component: APP reported US$5,410.3 million, while the SBP snapshot lists US$5,331.7 million for 25 September. The SBP snapshot is the clearer cited source for the date-specific reserve split and total, so the figures in the table above follow it rather than combining the two reports.
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How do the longer-term figures compare?
The Pakistan Economic Survey 2025–26 reported net foreign-exchange reserves of US$21.8 billion at end-March 2026. Separately, the SBP’s Financial Stability Review reported US$6.9 billion of SBP interbank foreign-exchange purchases during calendar year 2025. These figures refer to different dates and measures: the March number is a reserve stock, while the 2025 number is a flow of purchases over a year. They do not, by themselves, explain the increase through September. See the Pakistan Economic Survey 2025–26 and the SBP’s Financial Stability Review 2025.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why reserve dates and definitions matter
Weekly reserve snapshots and monthly international-reserves and foreign-currency-liquidity reporting are separate data series. A weekly point-in-time balance should not be treated as interchangeable with a monthly series or with a headline that does not specify whether it means SBP holdings or total liquid reserves. The SBP data calendar lists the weekly and monthly releases separately.
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