Pakistan’s foreign exchange reserves climbed to a record level of $21.39 billion held by the State Bank of Pakistan (SBP) during the week ended September 11, 2026, helped by fresh Eurobond proceeds.
According to data released by the central bank on Thursday, SBP reserves rose by $3.06 billion, or 16.70 percent, from the previous week.
The increase also pushed Pakistan’s total liquid foreign exchange reserves to $26.79 billion, up $3.08 billion, or 12.97 percent, week on week.
Reserves held by commercial banks also increased, rising by $14.6 million, or 0.27 percent, to $5.4 billion during the week.
The latest figures mark a sharp improvement in Pakistan’s external position. SBP reserves have increased by $2.91 billion, or 15.80 percent, since the start of the current fiscal year. On a calendar-year basis, they are up by $5.33 billion, or 33.08 percent.
Finance adviser Khurram Schehzad said the central bank’s reserves had reached an all-time high of about $21.4 billion, giving Pakistan more than three months of import cover.
The improvement stands in stark contrast to the situation in 2023, when Pakistan’s reserves fell below $3 billion and the country had only around two weeks of import cover. Islamabad was then facing a serious risk of sovereign default before securing financial support through an International Monetary Fund programme.
Schehzad attributed the stronger reserve position to higher remittances, growth in services exports, improved current account figures and renewed access to international capital markets.
The rise in reserves comes as Pakistan faces fresh pressure from higher global oil prices linked to the Middle East conflict. Since the country relies heavily on fuel imports from the region, a prolonged rise in oil prices could increase its import bill and put pressure on its external account.
The stronger reserve position gives Islamabad a larger buffer to meet external payments and absorb shocks. The government has also been pushing reforms in areas including energy, taxation and state-owned enterprises as it seeks to put economic growth on a more sustainable path.
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