SBP Reserves Reach Historic High After Eurobond Proceeds

KARACHI: Pakistan’s Foreign Exchange reserves held by the State Bank of Pakistan (SBP) have reached a historic high following the receipt of proceeds from the country’s latest Eurobond issuance. The SBP’s reserves touched $21.389 billion as of September 11, 2026.

As a result, Pakistan’s total liquid foreign exchange reserves, including those held by the SBP and commercial banks, rose to $26.791 billion during the week under review. Meanwhile, foreign exchange reserves held by commercial banks stood at $5.402 billion as of September 11, 2026.

In addition to its foreign exchange reserves, Pakistan’s official gold reserves were valued at approximately $8.5 billion as of June 30, 2026. Combining the value of the country’s liquid foreign exchange reserves and gold reserves puts the total at approximately $35.251 billion. However, gold reserves are separate from the country’s liquid foreign exchange reserves.

According to data released by the SBP on Thursday night, the central bank’s foreign exchange reserves increased by $3.061 billion during the week ended September 11, 2026, following the receipt of Eurobond proceeds, taking its reserves to $21.389 billion.

Pakistan’s current account position also remained relatively stable during the first two months of the current fiscal year. The current account deficit stood at around $543 million during July and August 2026. Meanwhile, Pakistan received $7.3 billion in workers’ remittances during the same two-month period.

Pakistan’s current account recorded a marginal deficit of $139 million during fiscal year 2025-26, compared with a surplus of $1.84 billion in the previous fiscal year.

The latest SBP reserve position surpasses the previous record of $20.146 billion, recorded on August 27, 2021. The increase came after Pakistan received proceeds from its latest international Eurobond transaction, providing a significant boost to the country’s official foreign exchange reserves.

The latest total liquid foreign exchange reserve position remains below the country’s historical peak of around $27.23 billion, recorded in August 2021.

The improvement in the SBP’s reserves strengthens Pakistan’s external liquidity position and provides additional foreign exchange buffers to meet external payment obligations.

Meanwhile, the State Bank purchased $7.263 billion from the interbank foreign exchange market during July 2025–May 2026 to build its foreign exchange reserves, the market analysts informed.

The rise in reserves comes at a time when Pakistan is seeking to maintain external-sector stability, strengthen its balance of payments position and build foreign exchange buffers.

The SBP regularly publishes weekly data on the country’s foreign exchange reserves, covering reserves held by the central bank as well as commercial banks.

Two major international credit rating agencies, Moody’s Ratings and S&P Global Ratings, upgraded Pakistan’s sovereign credit rating in 2026. Moody’s upgraded Pakistan’s rating from Caa1 to B3 on August 24, 2026, while S&P Global Ratings upgraded Pakistan’s rating from B- to B, with a stable outlook, on July 22, 2026.