Pakistan Foreign Exchange Reserves

According to the International Monetary Fund's reserve framework, foreign exchange reserves are external assets available to and controlled by monetary authorities. The International Monetary Fund (IMF) sets the reporting framework.

Under the IMF framework used as of August 2026, a reserve asset must pass 2 tests:

• Availability: The monetary authority must be able to use the asset.
• Control: The monetary authority must control the asset.

Accordingly, company, household, and commercial-bank assets do not automatically count. That's the boundary used throughout this article.

As of August 2026, the IMF framework recognised 6 reserve-asset categories:

• Foreign-currency deposits: Cash and deposits held with qualifying institutions.
• Foreign government securities: Tradable debt in convertible currencies.
• Monetary gold: Gold owned by the monetary authority.
• Special Drawing Rights: Reserve assets created and allocated by the IMF.
• IMF reserve position: The readily available position with the IMF.
• Other qualifying claims: Liquid external claims that meet reserve rules.

Now, those categories explain why a broader reserve series differs from Pakistan's weekly liquid total.

Reserve portfolios use convertible currencies. Specifically, the IMF's COFER dataset tracks 8 named currencies plus an "other" group.

Notably, the SBP did not publish Pakistan's weights as of 13 August 2026 because COFER submissions remain confidential. That's why the global mix is not Pakistan's disclosed mix.

As of August 2026, official reserves retained 4 functions:

• Paying government and central-bank foreign-currency obligations
• Servicing external debt when payments fall due
• Settling essential international payments, including imports
• Supporting orderly conditions in the foreign-exchange market

Meanwhile, bank holdings remained separate banking-system liquidity.

As of 13 August 2026, Pakistan reported 3 liquid-reserve figures by holder.

As of 13 August 2026, total liquid reserves were the US$22.5061 billion sum of both columns. Here's the thing: the SBP total isn't the IMF official-reserves measure because it includes bank balances.

As of 13 August 2026, the SBP held US$17.0819 billion. Accordingly, you should use it for official obligations because the SBP controls it.

As of 13 August 2026, banks held US$5.4242 billion. Likewise, you should keep the balance separate because banks control it.

As of 13 August 2026, import cover was 2.7 months using SBP reserves. The calculation divides US$17.0819 billion by average monthly FY2025-26 goods and services imports from the SBP's balance-of-payments data.

Alternatively, total liquid reserves produce 3.5 months on the same basis. However, that numerator includes bank funds, so you should always name it.

As of August 2026, Pakistan's weekly reporting convention divided liquid foreign reserves into 2 components: SBP-held reserves and commercial-bank reserves. This structure separates official central-bank assets from wider banking-system liquidity.

SBP-held reserves are liquid foreign-currency assets controlled by Pakistan's central bank. Accordingly, this is the relevant figure for official external payment needs.

Commercial-bank reserves are net foreign assets held by scheduled banks. Similarly, these balances support bank operations and customer foreign-currency positions rather than government reserve accounts.

Total liquid foreign reserves combine both columns in the SBP statement. Specifically, the arithmetic is:

Total liquid foreign reserves = SBP-held reserves + commercial-bank reserves

In other words, the total describes liquid foreign exchange held across the central bank and scheduled banks. It does not place every dollar in both columns under SBP control.

The SBP reports the 2 components separately because ownership determines availability:

• SBP-held assets: The central bank controls these assets for official external obligations.
• Commercial-bank assets: Scheduled banks control these assets for bank and customer positions.

Consequently, the split prevents the countrywide liquid total from being mistaken for the central bank's official stock.

As of August 2026, Pakistan's reserves appeared under 6 measures. Therefore, the label matters as much as the number.

SBP reserves differ from total liquid reserves by bank holdings. Accordingly, use the SBP figure for the official position. Alternatively, use the total for banking-system liquidity.

As of August 2026, the weekly statement excluded gold. The broader template included 4 groups:

• Foreign currency
• Monetary gold
• Special Drawing Rights
• The IMF reserve position and other qualifying assets

The World Bank is the multilateral development institution that publishes the World Development Indicators. Similarly, its total-reserves series includes gold. Therefore, the figure often exceeds the weekly SBP number.

As of August 2026, the SBP was the primary weekly source. That said, the IMF and World Bank used cross-country definitions and different schedules.

Accordingly, you should check 3 fields before comparing reserve values:

• Measure: Confirm the named reserve type.
• Holder: Confirm who controls the assets.
• Date: Confirm the observation date.

It's the core comparison rule.

According to the World Bank's import-cover metadata, import cover is a ratio that expresses reserves in months of imports. The result depends on both inputs.

Import cover converts a dollar stock into time. In other words, it is a calculation rather than a separate pool.

To calculate import cover, you should follow 3 steps:

• Choose reserves: Use SBP-held reserves or another named stock.
• Choose imports: Use goods alone or goods and services.
• Convert the result into months: Divide reserves by annual imports and multiply by 12.

Accordingly, the standard formula is:

Import cover in months = reserve assets ÷ annual imports × 12

Here's why the inputs matter: the calculation changes when it includes services, gold, or bank reserves. Otherwise, you risk comparing different ratios.

As of 13 August 2026, Pakistan's import cover was 2.7 months using SBP reserves and average FY2025-26 goods and services imports. Notably, this method excludes bank holdings.

As of January 2026, the SBP policy statement referred to 3 months as a benchmark. Admittedly, it is not a universal safety line.

Accordingly, you should compare ratios built from the same inputs. Otherwise, the measure changes.

As of August 2026, Pakistan's reserves received foreign currency through 8 channels covering financing, market transactions, and external receipts.

Workers' remittances are transfers sent by Pakistanis abroad. The currency first enters authorised channels and subsequently joins SBP reserves when the central bank purchases or receives it.

Export earnings are foreign-currency receipts from sales abroad. Banks process the receipts first. Then, SBP purchases transfer foreign exchange into official reserves.

IMF funding is foreign currency disbursed under an approved facility. As of August 2026, disbursements credited reserve assets. However, programme borrowing remained an external liability.

The World Bank, a multilateral development institution, and the Asian Development Bank, a regional development institution, provide financing that enters reserves when routed through government or SBP accounts.

Bilateral deposits are foreign-currency funds placed with the SBP by partner governments. Of course, a fresh deposit adds assets. Alternatively, a rollover extends maturity and postpones repayment.

International bonds raise foreign currency outside Pakistan's rupee market. For example, the category includes 3 instruments:

• Eurobonds: International debt securities
• Sukuk: Shariah-compliant certificates
• Panda bonds: Renminbi-denominated bonds sold in China

Subsequently, completed proceeds enter official accounts. However, a plan does not affect reserves until the funds arrive.

Foreign direct investment is external funding linked to lasting ownership or an intercompany claim. The currency subsequently enters reserves when the funds reach SBP accounts or the SBP purchases them.

The SBP buys foreign currency from banks. As of July 2026, the SBP policy statement identified purchases as a reserve-building channel. Accordingly, each trade exchanges rupee liquidity for foreign currency.

As of 13 August 2026, the 2026 series contained 7 month-end observations and 1 latest weekly observation. All table values are in US$ millions and separate the SBP, commercial-bank, and total liquid positions.

Source: SBP Liquid Foreign Exchange Reserves. July 2026 is provisional. Other values retain the SBP's published revision status.

Notably, the highest 2026 month-end total through 31 July was US$23.1986 billion on 30 June 2026. By contrast, the lowest was US$20.8036 billion on 30 April 2026. Both observations use the total liquid measure, so the comparison stays on one basis.

As of July 2026, the SBP policy statement set an official-reserve target above US$20.2 billion by the end of December 2026. Specifically, the target applies to SBP-held reserves. It does not apply to total liquid reserves.

As of 30 June 2026, Pakistan's ten-year table covered 10 fiscal-year-end observations. Each row uses the SBP convention for the relevant 30 June period. That's what keeps the annual comparison consistent.

Sources: SBP Annual Report Statistical Supplement for FY2024-25, Annual Report statistics for FY2019-20, and the latest liquid-reserves series. For 2017 to 2020, the commercial-bank column is the reported total less the SBP figure.

Previously, the highest monthly total in the SBP-based series was US$27.0677 billion in August 2021. Notably, the date and measure matter because a gold-inclusive series has a different maximum. The record is cross-checked against Trading Economics, a commercial data aggregator.

The lowest monthly total in the available series was US$1.9736 billion in December 1999. Subsequently, the SBP's historical fiscal-year table recorded the same total at the end of FY1999-2000.

Since 30 June 2023, the fiscal-year-end sequence has covered 4 observations through 30 June 2026. Likewise, those rows preserve the SBP and commercial-bank split. Therefore, you should not read the total as central-bank reserves alone.

As of August 2026, the State Bank of Pakistan managed official reserves under its mandate. The framework governs eligible external assets.

As of August 2026, the SBP performed 4 functions:

• Buying eligible foreign assets
• Selling eligible foreign assets
• Investing eligible foreign assets
• Safeguarding eligible foreign assets

According to the SBP's reserve-management overview, safety and liquidity guide the framework. Return follows within those limits.

As of August 2026, official reserve assets were held through 5 main categories:

• Eligible deposits
• Foreign securities
• Monetary gold
• Special Drawing Rights
• IMF-related positions

Internal governance subsequently sets eligibility. Finally, the weekly statement reports liquid SBP and bank balances.

As of August 2026, the SBP normally published the previous week's reserve position each Thursday. The reference point was usually the preceding Friday.

However, public holidays sometimes changed the observation date or release timing. Meanwhile, monthly and annual datasets provided longer revised series.

As of August 2026, the SBP was the primary source. Accordingly, you should start there because international databases differ.

As of August 2026, the SBP weekly statement normally appeared on Thursday and identified the observation date.

As of 24 August 2026, the SBP data page displayed the latest snapshot. Likewise, EasyData provided longer series.

As of August 2026, the World Bank published annual reserves including gold. Meanwhile, the IMF published standardised datasets. However, neither value is the weekly SBP total.

Trading Economics and CEIC are data aggregators. As of August 2026, both republished reserve histories. Look, an aggregator's chart is useful, but you should still verify its definition against the SBP.

To read a reserve figure, you should complete 5 checks:

• Identify the measure: You should find the reserve type.
• Check gold: You should confirm its inclusion.
• Confirm the date: You should find the observation date.
• Check the status: You should identify provisional or revised data.
• Compare like with like: You should use one definition.

Ultimately, these checks prevent comparisons between accurate numbers that measure different things.

According to the IMF framework used as of August 2026, foreign exchange reserves are external assets available to and controlled by monetary authorities. The broader official category contains 4 groups:

• Foreign-currency claims
• Monetary gold
• Special Drawing Rights
• The IMF reserve position

As of 13 August 2026, Pakistan held US$22.5061 billion in total liquid reserves. Specifically, the total comprised 2 components:

• SBP: US$17.0819 billion
• Commercial banks: US$5.4242 billion

You should use the SBP amount for official central-bank liquid reserves.

As of 13 August 2026, the State Bank of Pakistan held US$17.0819 billion in liquid foreign reserves. The amount excludes the separate commercial-bank reserve balance.

Accordingly, you should quote the observation date because the SBP normally updates the position weekly.

As of 13 August 2026, scheduled commercial banks held US$5.4242 billion in net foreign reserves. The balance represents bank-sector foreign-currency liquidity rather than official reserves controlled by the SBP.

Subsequently, adding the bank balance to SBP reserves produces total liquid foreign reserves.

As of August 2026, "total liquid foreign reserves" meant SBP reserves plus bank reserves. That is, the measure is a countrywide banking-system total. Therefore, you should not describe the full amount as central-bank money.

As of August 2026, reserve sources differed across 4 inputs:

• Holder
• Asset definition
• Observation date
• Revision status

For example, the SBP weekly total adds banks, while the World Bank annual series includes gold. As a result, both figures remain accurate without being comparable.

As of August 2026, the answer depended on the measure. The weekly total excluded gold. But the broader official statement contained 5 groups:

• Monetary gold
• Foreign currency
• Special Drawing Rights
• The IMF reserve position
• Other qualifying assets

According to the World Bank metadata used as of August 2026, import cover expresses reserve assets in months of imports. Specifically, you should name both the reserve numerator and import denominator because changing either input changes the result.

As of 13 August 2026, SBP reserves covered 2.7 months of average FY2025-26 goods and services imports. Alternatively, total liquid reserves covered 3.5 months. Although both use the same import basis, the second adds bank holdings.

Pakistan's lowest monthly total in the available series was US$1.9736 billion in December 1999. That value refers to the monthly total liquid series.

Therefore, you should not compare the value with a gold-inclusive official-reserve-assets figure without aligning the definitions.

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