SBP-held foreign exchange reserves hit 6-month low on debt repayments

SBP FX reserves since January 2025

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Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $540 million on a weekly basis, clocking in at $10.61 billion as of March 21, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $15.55 billion. Net foreign reserves held by commercial banks stood at $4.94 billion.

This brings the SBP reserves to a six-month low, which the central bank attributed to external debt repayments.

“During the week ended on 21-Mar-2025, SBP reserves decreased by US$ 540 million to US$ 10,606.8 million due to external debt repayments,” it said.

Last week, SBP foreign exchange reserves increased by $49 million.

Earlier this week, the International Monetary Fund (IMF) said in a statement that its staff had reached a deal with Pakistan authorities for a new $1.3 billion arrangement and also agreed on the first review of the ongoing 37-month bailout programme.

Pending IMF’s Executive Board approval, Islamabad can unlock the $1.3 billion under a new climate resilience loan programme spanning 28 months.

It will also free $1 billion for Pakistan under the $7 billion bailout programme, which would bring those disbursements to $2 billion.

The IMF inflow is expected to boost Pakistan’s foreign exchange reserves.