Pakistan’s total foreign exchange reserves fell to $22.528bn by August 28, despite a $20m increase in reserves held by the State Bank.

KARACHI: Pakistan’s total foreign exchange (forex) reserves declined by $59 million during the week ended August 28, 2026, according to data released by the State Bank of Pakistan (SBP) on Thursday.

The country’s total liquid foreign exchange reserves stood at $22.528 billion as of August 28, compared with $22.587 billion a week earlier on August 21, 2026.

SBP reserves increase by $20m

Despite the overall decline, reserves held by the central bank increased during the week.

The SBP’s foreign exchange reserves rose by $20 million, reaching $17.118 billion by August 28, compared with $17.098 billion a week earlier.

The increase indicates that the central bank’s reserves strengthened during the period even as the country’s overall reserve position declined.

Commercial banks’ reserves fall by $79m

In contrast, foreign exchange reserves held by commercial banks fell by $79 million to $5.410 billion from $5.489 billion during the previous week.

The decline in commercial banks’ holdings more than offset the $20 million increase in SBP reserves, resulting in a net $59 million reduction in Pakistan’s total foreign exchange reserves.

Eurobond inflow may support reserves

Economists expect Pakistan’s foreign exchange reserves to improve in the coming days following the successful launch of the country’s Eurobond, which is expected to raise around $3 billion.

The anticipated inflow could provide further support to Pakistan’s external account and strengthen the country’s foreign exchange reserve position.

The expected increase in reserves would also provide additional support to the country’s external financing position following the latest weekly decline.