Pakistan’s foreign exchange reserves recorded a slight increase during the week ended April 17, offering some support to the country’s external position.
Figures released by the State Bank of Pakistan on Thursday showed that reserves held by the central bank rose by $18.1m, or 0.12 percent week-on-week, to $15.1bn.
The country’s overall reserves also moved higher, climbing by $104m, or 0.51 percent, to $20.63bn. A notable contribution came from commercial banks, whose holdings increased by $85.9m to $5.53bn.
Despite the weekly improvement, the trend remains mixed. Since the start of the current fiscal year, SBP reserves have grown by $595.4m, reflecting a modest recovery. However, on a calendar year basis, reserves are still down by $958.14m, showing the pressure on external inflows.
Monthly data shows stronger yearly recovery
Separate monthly data pointed to a gradual build-up in reserves. The SBP’s holdings stood at $16.38bn in March 2026, up from $16.3bn in February.
On a yearly basis, the improvement is more pronounced. SBP reserves have risen sharply from $10.64bn in March 2025, marking an increase of nearly 54 percent.
Commercial banks also reported stronger positions. Their net foreign reserves reached $4.95bn in March, compared to $4.76bn a month earlier. Over the past year, these reserves have grown by $574.9m.
As a result, Pakistan’s total liquid foreign reserves stood at $21.33bn at the end of March, increasing by $271.7m from the previous month. Compared to March last year, total reserves are up by more than $6.3bn, a gain of over 42 percent.
SBP buys back Rs309.5bn in bonds
In a separate development, the State Bank of Pakistan carried out a buyback auction of 5-year floating rate Pakistan Investment Bonds.
The central bank repurchased Rs309.5bn worth of bonds from the market, accepting the entire amount offered through competitive bids. The cut-off price was set at 100.0050.
The realised amount stood at Rs309.509bn, with an additional Rs15.8bn paid as accrued interest, taking the total payout to Rs325.309bn.
No non-competitive bids were submitted in the auction.
The move is seen as part of the SBP’s liquidity management operations, aimed at adjusting the maturity profile of government debt while maintaining stability in the financial system.
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