The State Bank of Pakistan (SBP) purchased $863 million from the interbank foreign exchange market in July 2026, taking its total foreign currency purchases over the 12 months to July to $8.78 billion.

The figures were reported in an economy alert issued by Topline Research on October 27, 2026.

The central bank is expected to continue buying foreign currency to strengthen the country’s foreign exchange reserves.

These purchases form part of the SBP’s efforts to rebuild its reserve holdings while allowing the rupee’s value to be determined by market conditions. The central bank has said its interventions aim to prevent disorderly movements in the exchange market and build reserves without suppressing underlying exchange-rate trends.

Higher reserves help Pakistan meet external payment obligations and provide a buffer against economic shocks.

Pakistan’s foreign exchange reserves have improved in recent months. As of October 9, 2026, the SBP held $21.47 billion, while the country’s total liquid foreign exchange reserves, including commercial banks’ holdings, stood at $26.86 billion.