SBP’s Strategic Forex Interventions Reach $15.4bn in 22 Months

The State Bank of Pakistan (SBP) carried out net foreign exchange (FX) interventions amounting to $15.4 billion between June 2024 and April 2026, according to data compiled by Arif Habib Limited (AHL).

 

In April 2026, the central bank's net FX intervention remained unchanged at $667 million, matching the level recorded in March 2026.

 

SBP's foreign exchange reserves stood at $15.85 billion in April 2026, declining by $531 million from $16.38 billion a month earlier. Prior to this, reserves had increased gradually, reaching $16.30 billion in February and $16.16 billion in January 2026, after a significant rise of $1.47 billion in December 2025, when reserves climbed to $16.05 billion from $14.59 billion in November.

 

The data also shows that reserves strengthened throughout 2025, increasing from $11.42 billion in January to $14.51 billion by June, before remaining broadly stable in the $14.18–14.50 billion range during September and October.

 

Monthly FX interventions fluctuated considerably over the review period. October 2025 recorded the highest intervention at $1.033 billion, followed by December 2025 with $1.024 billion and September 2025 with $1.023 billion. In contrast, the lowest monthly intervention was recorded in January 2025 at $154 million.