SBP’s FX purchases decline to USD 635mn in April

The State Bank of Pakistan (SBP) purchased USD 635 million from the interbank foreign exchange market in April 2026, down from USD 667 million in March, according to the latest central bank data.

 

The SBP's foreign exchange reserves stood at USD 15.9 billion at the end of April. During the first 10 months of FY2026, the central bank purchased USD 7.1 billion from the market, compared with USD 6.7 billion during the same period a year earlier. Over the 12 months from May 2025 to April 2026, cumulative FX purchases reached USD 8.13 billion.

 

Speaking after the latest monetary policy meeting, SBP Governor Jameel Ahmad said Pakistan's external debt servicing is projected to decline to USD 21.5 billion in FY2027, from USD 26.5 billion in the previous fiscal year. Interest payments are expected to fall to USD 3.5 billion, while principal repayments are estimated at USD 18 billion, with USD 10-11 billion likely to be rolled over or refinanced. Of this amount, USD 6.1 billion has already been settled in July.

 

The governor reaffirmed the central bank's target of raising foreign exchange reserves to USD 20.2 billion by December 2026 and above USD 21 billion by June 2027. He attributed the recent decline in reserves to a USD 1.4 billion refinancing outflow, which is expected to return in the coming weeks. Ahmad also noted that the SBP is focused on strengthening reserves and reducing external vulnerabilities by converting its forward liabilities into forward assets, with the aim of becoming a net lender in the future.