SBP-held reserves rise by $11 million, while commercial banks’ holdings decline by $37 million during the week ended November 6.
Pakistan’s total liquid foreign exchange reserves declined by $26 million to $26.84 billion during the week ended November 6, 2026, compared with $26.87 billion recorded on October 30, according to the latest data released by Topline Securities.
However, foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a weekly increase of $11 million, reaching $21.573 billion from $21.561 billion a week earlier. This represents an increase of approximately 0.1%.
Meanwhile, reserves held by commercial banks decreased by $37 million, falling from $5.303 billion to $5.266 billion during the same period. The decline in commercial banks’ holdings outweighed the increase in SBP reserves, resulting in an overall reduction in the country’s liquid foreign exchange reserves.
The latest figures show that the movement in Pakistan’s total reserves was mainly driven by the decline in commercial banks’ foreign currency holdings, while the central bank managed to record a marginal increase.
Pakistan’s foreign exchange reserves show strong fiscal-year growth
Despite the slight weekly decline, Pakistan’s foreign exchange reserves have recorded considerable growth since the beginning of the current fiscal year.
According to Topline Securities, SBP-held reserves have increased by approximately $3.20 billion since June 2026, rising from $18.38 billion to $21.57 billion.
Similarly, foreign exchange reserves maintained by commercial banks have increased by $409 million during the same period, reaching $5.27 billion.
Consequently, Pakistan’s total liquid foreign exchange reserves have increased by approximately $3.61 billion since June 2026, compared with $23.23 billion recorded at the end of the previous fiscal year.
On a calendar-year basis, total foreign exchange reserves have registered an increase of $5.83 billion compared with December 2025, when the country’s reserves stood at $21.01 billion.
The growth in reserves during the current fiscal year represents an improvement in the country’s external financial position, although weekly movements continue to reflect changes in both central bank and commercial bank holdings.
Pakistan’s import cover remains at 3.93 months
The latest data also showed that Pakistan’s import cover remained unchanged at 3.93 months as of November 6, 2026, compared with the previous week.
Import cover measures how many months a country can finance its imports using available foreign exchange reserves. It is an important indicator of external sector stability and the country’s ability to meet international payment obligations.
According to the report, Pakistan’s import cover has improved from 3.07 months in June 2026 to 3.93 months in November 2026. In December 2025, the indicator stood at 2.76 months.
The improvement indicates that Pakistan has strengthened its capacity to finance imports through available foreign exchange reserves compared with the beginning of the fiscal year.
However, the latest weekly decline highlights the importance of monitoring reserve movements across both the SBP and commercial banks. Sustaining reserve growth and maintaining adequate import cover remain important for external payment stability and investor confidence.