Pakistan’s total liquid foreign exchange reserves dropped to $15.66 billion by April 11, 2025, down from $16.04 billion at the end of January, according to the State Bank of Pakistan (SBP).
The central bank’s own reserves declined by $845.9 million during this period, falling from $11.42 billion to $10.57 billion. The SBP said the decline was largely due to external debt repayments. In the week ending April 11 alone, reserves dropped by $127 million for this reason.
In contrast, foreign exchange reserves held by commercial banks rose to $5.09 billion, up from $4.63 billion on January 31. This increase helped cushion the overall decline in the country’s reserves.
The drop in SBP-held reserves highlights the persistent pressure on Pakistan’s external account, mainly from debt servicing.
However, the uptick in commercial banks’ holdings offers limited support as the country continues to navigate its balance of payments challenges.
