KARACHI: Pakistan’s total liquid foreign reserves reached $21,484.7 million as of June 19, 2026, the State Bank of Pakistan (SBP) reported Monday. Debt repayments pulled down the central bank’s own holdings even as commercial banks added to theirs. the total to $15,916.4 million.
Pakistan Foreign Reserves Fall
SBP‘s reserves dropped by $1,305 million during the week, taking. The central bank attributed the drop to scheduled repayment of external debt.Commercial banks added $47.6 million to their holdings during the same week, taking their reserves to $5,568.3 million. The increase marks the second straight week banks have outperformed the central bank on reserve accumulation.
SBP said it expects two large inflows to lift its reserve position by month-end. The government received $0.7 billion from a multilateral institution and secured roughly $1.7 billion through refinancing of a commercial loan. Neither amount appears in the June 19 figures. SBP said both will reflect in its reserves as of June 30, 2026.
SBP Expects $2.4bn Inflows
The combined $2.4 billion in pending inflows dwarfs the week’s $1.3 billion outflow. If SBP books both transactions as expected, the central bank’s reserves could climb back above $18 billion within days of falling below $16 billion a swing of roughly $2.1 billion inside two reporting cycles.
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Pakistan’s reserves trended lower across the board compared with the previous week. Total liquid reserves stood at $22,741.7 million as of June 12, with SBP holding $17,221 million and commercial banks holding $5,520.7 million. The week-on-week fall in total reserves came to $1,257 million.
Weekly Reserve Comparison
SBP publishes the reserves data weekly, and the figures remain one of the most closely tracked indicators of Pakistan’s external account health. Rating agencies and the IMF use reserve adequacy as a benchmark under Pakistan’s ongoing Extended Fund Facility program. A central bank that depletes reserves to meet debt obligations one week, then refills them through fresh borrowing or multilateral support the next, points to a familiar pattern: reserves moving in step with the repayment calendar rather than from sustained current account improvement.
Whether the incoming $2.4 billion produces a net gain in reserves or simply covers the next tranche of repayments due before June 30 will become clear when SBP issues its following weekly statement.
