Karachi, January 1, 2026 – Pakistan’s foreign exchange reserves posted a nominal decline of $11 million during the week ended December 26, 2025, according to the latest data released by the State Bank of Pakistan (SBP) on Thursday. Despite the slight weekly drop, analysts view the overall reserves position as stable, supported by recent external inflows.
The country’s total net foreign exchange reserves stood at $21.012 billion by December 26, compared with $21.023 billion a week earlier on December 19, 2025. The marginal decrease reflects routine external debt repayments and import-related outflows during the period.
Notably, the official reserves held by the State Bank of Pakistan showed a positive trend, increasing by $12 million on a weekly basis. SBP-held reserves rose to $15.915 billion, up from $15.903 billion recorded in the previous week. This increase highlights the central bank’s continued efforts to maintain macroeconomic stability and manage external obligations effectively.
In contrast, foreign exchange reserves held by commercial banks declined by $23 million, falling to $5.097 billion from $5.120 billion in the preceding week. Market participants attributed the decline in bank-held reserves to routine settlement of trade payments and corporate foreign currency requirements.
Weekly Forex Reserves Position (in $ Billion)
| Category | Dec 19, 2025 | Dec 26, 2025 | Change |
| SBP Reserves | 15.903 | 15.915 | +0.012 |
| Commercial Banks | 5.120 | 5.097 | -0.023 |
| Total Net Reserves | 21.023 | 21.012 | -0.011 |
Market analysts noted that recent inflows, including $1.2 billion from the International Monetary Fund (IMF), provided crucial support to Pakistan’s reserves position. However, they emphasized that sustaining reserve growth will require prudent external payments management, stronger exports, and continued foreign inflows to cushion against global economic uncertainties.