The State Bank of Pakistan (SBP) made net foreign exchange purchases of $15.4 billion between June 2024 and April 2026, as the central bank continued to rebuild the country’s foreign exchange reserves and strengthen external stability.

Data compiled by Arif Habib Limited from SBP figures showed that the central bank remained an active buyer of foreign currency throughout the period, including net purchases of $667 million in April 2026.

The sustained interventions helped lift SBP’s foreign exchange reserves from about $9.3 billion in June 2024 to $15.9 billion by April 2026, an increase of roughly $6.6 billion, despite periodic declines during some months.

The data indicates that reserve accumulation accelerated during several months, particularly in mid-2025, when the central bank recorded some of its strongest monthly gains. Net foreign exchange interventions also remained positive throughout the period, reflecting the SBP’s consistent presence in the currency market.

Although SBP’s reserves fell by $531 million month-on-month in April 2026, the central bank continued to purchase dollars from the market, recording net interventions of $667 million during the month.

The figures highlight the SBP’s strategy of accumulating foreign exchange during periods of stronger inflows to reinforce reserve buffers, support external account stability, and manage liquidity in the domestic foreign exchange market.