SBP Forex Reserves Rise by USD 33mn to USD 17.26bn as of July 17

The State Bank of Pakistan's (SBP) foreign exchange reserves increased by USD 33 million to USD 17.259 billion during the week ended July 17, according to data released by the central bank.

 

Despite the increase in SBP-held reserves, Pakistan's total liquid foreign exchange reserves declined by USD 6 million to USD 22.67 billion, as commercial banks' reserves fell USD 39 million to USD 5.411 billion.

 

Market analysts said recent reports of Pakistan seeking a USD 10 billion exchange stabilisation facility from the United States, along with the appointment of international banking consortiums for its Global Medium-Term Note (GMTN) and International Sukuk programmes, reflect the government's efforts to strengthen foreign exchange buffers and expand access to international capital markets.

 

Separately, S&P Global upgraded Pakistan's long-term sovereign credit rating to 'B' from 'B-' with a stable outlook, citing improved institutional stability and continued implementation of reforms under the IMF programme. The ratings agency also noted that Pakistan's total foreign exchange reserves, including gold, rose to USD 25.3 billion by the end of June 2026, compared with USD 6.7 billion in December 2022, providing comfortable coverage for the country's external debt repayments over the next year.