KARACHI: The SBP’s forex reserves increased by $14 million to $14.57 billion during the week ending November 28.However, the country’s total liquid foreign reserves fell by $16 million to $19.589 billion. The reserves of commercial banks also dropped by $31 million to $5.01 billion.
The SBP’s reserves are enough to cover 2.76 months of imports.The central bank expects its reserves to rise to $15.5 billion by December 2025 and approximately $17.8 billion by June 2026.
Recently, SBP Governor Jameel Ahmad said that the country’s external buffers have improved. Unlike past reliance on debt-driven inflows, recent reserve accumulation reflects strategic FX purchases and reduced forward liabilities, he said.
According to the central bank governor, public sector external debt has remained broadly stable since 2022, while the external debt-to-GDP ratio has declined from 31 per cent to 26 per cent. During the same period, the SBP’s FX reserves have risen from a critically low $2.9 billion to roughly $14.5 billion, a nearly fivefold increase.
However, the latest report from the World Bank reveals that Pakistan’s total external debt hit $130 billion in 2024, with debt servicing accounting for 40 per cent of the nation’s export earnings. China remained Pakistan’s largest bilateral creditor, having 23 per cent of its public external debt.
