KARACHI: The State Bank of Pakistan (SBP) has bought $9.7 billion from the interbank currency market over the past 16 months, reflecting the continued scarcity of dollars, despite the rollover of most of the country’s loans.
According to the latest data, from June 2024 to September 2025, the SBP bought about $1bn three times a month and exceeded $1bn in September 2025.
The increase in remittances, which surged to $38bn in FY25, provided crucial support to the SBP during this period. The strong remittance inflow has continued into the first quarter of FY26.
In Q1 FY26, the SBP purchased $1.469bn, a decrease from the $2.237bn bought in Q1FY25. However, September FY26 saw a significant increase, with the SBP purchasing $1.023bn, the highest in the current fiscal year.
In comparison, the SBP’s dollar buying was notably higher in the first half of FY25. During that period, it bought $946 million in September, $1.026bn in October, and $1.151bn in November. These large purchases were aimed at easing pressure from external debt servicing, a strategy that helped maintain a current account surplus.
From June 2024 to June 2025, the SBP purchased a total of $8.257bn, exceeding the value of Pakistan’s three-year loan package with the International Monetary Fund (IMF). While IMF loans often come with conditions that may be unpopular, they provide critical support to the government.
The SBP has not yet disclosed its dollar purchases for October, November, and December FY26.
Published in Dawn, December 31st, 2025
