KARACHI, July 2, 2025 — In a strong signal of macroeconomic stability, the State Bank of Pakistan (SBP) announced that its foreign exchange (forex) reserves surged to $14.51 billion by the close of fiscal year 2024-25, crossing the target set by the International Monetary Fund (IMF).
According to provisional figures released by the SBP, the central bank’s forex reserves stood at $14.51 billion as of June 30, 2025 — a notable increase of $5.12 billion from the previous year’s level of $9.39 billion. This achievement not only highlights a year of prudent economic management but also places Pakistan in a stronger position ahead of any future IMF review.
“This performance marks a major milestone,” said Mohammad Sohail, CEO of Topline Securities. “The SBP and government’s coordinated strategy has paid off, with liquid forex reserves surpassing the IMF’s target of $13.9 billion. This reflects positively on external account handling, export growth, and sustained remittances.”
The SBP attributed the significant rise in forex reserves to improved current account balances, successful execution of planned inflows, and continued fiscal discipline under the IMF-supported economic reform program. The central bank emphasized that its forex reserves had steadily climbed throughout the fiscal year, aided by strong remittance inflows, rising export receipts, and enhanced foreign investment confidence.
“The build-up in SBP’s forex reserves also signals a reduction in external vulnerabilities,” the bank noted. “It is the result of strategic monetary and exchange rate policies, along with international support and market stabilization efforts.”
Economists believe that surpassing the IMF target will further strengthen Pakistan’s case for future disbursements and lend support to the rupee. Analysts also expect the reserves boost to improve investor sentiment and reduce pressure on the foreign exchange market.
With the SBP’s forex reserves at their highest level in recent years, the development marks a significant shift from past crises and sets the tone for a more resilient external sector in FY2025-26.