KARACHI, April 16, 2026 — Pakistan’s foreign exchange reserves declined sharply by $1.37 billion in the week ended April 10, 2026, primarily due to the repayment of a sovereign Eurobond, the State Bank of Pakistan (SBP) said on Thursday.
According to the SBP, the country’s total liquid foreign reserves dropped to $20.525 billion, down from $21.895 billion a week earlier.
The central bank’s own reserves accounted for the bulk of the decline, falling by $1.32 billion to $15.08 billion, compared with $16.40 billion in the previous week. The SBP attributed the decrease to an external debt servicing payment of $1.426 billion against a Pakistan sovereign Eurobond.
Meanwhile, reserves held by commercial banks also edged lower by $50 million to $5.445 billion, from $5.495 billion a week earlier.
Analysts said the drop underscores ongoing external financing pressures as Pakistan continues to meet its debt obligations. Upcoming payments to regional partners, including the United Arab Emirates, are also expected to weigh on reserve levels in the near term.
However, authorities expect some relief from planned inflows. Saudi Arabia has committed to placing an additional $3 billion deposit with the SBP, which could help stabilize reserves.
Pakistan is also anticipating a disbursement of around $1.23 billion from the International Monetary Fund (IMF) under its Extended Fund Facility (EFF), subject to program reviews.
Economists said while external buffers have come under pressure, expected inflows from bilateral and multilateral partners could provide temporary support and help maintain macroeconomic stability in the coming months.