The State Bank of Pakistan (SBP) purchased a net $9.7 billion from the domestic foreign exchange market between June 2024 and September 2025, data released by the central bank shows.
The SBP remained a consistent buyer of dollars during this period. Net foreign exchange (FX) intervention includes outright and swap purchases minus outright and swap sales with banks in the interbank market.
Monthly data shows that the SBP purchased $573 million in June 2024, $722 million in July, $569 million in August, and $946 million in September. Purchases accelerated to $1.03 billion in October and $1.15 billion in November, before easing to $536 million in December.
In 2025, the SBP bought $154 million in January, $223 million in February, $860 million in March, and $473 million in April. Subsequent purchases were $522 million in May, $502 million in June, $189 million in July, and $257 million in August. The largest monthly purchase during the later period was $1.02 billion in September 2025.
Despite heavy intervention, SBP’s foreign exchange reserves showed mixed movement due to inflows and outflows, according to data compiled by Arif Habib Limited. Reserves rose sharply in May and June 2025 by a combined $4.23 billion to reach $14.5 billion.
After slight moderation in July, August, and September, reserves stood at $14.2 billion at the end of September 2025. Reserves had risen to $10.74 billion in September 2024 after a $1.3 billion increase and reached $12.03 billion by November 2024, but fell to $10.28 billion by April 2025.
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As of December 19, 2025, SBP’s foreign exchange reserves have increased to $15.9 billion, showing steady support from the central bank’s continued intervention in the FX market. Analysts say SBP’s actions helped stabilize the domestic currency and maintain market confidence.
