Karachi, July 24, 2025: Pakistan’s total liquid foreign exchange reserves stood at approximately $19.2 billion as of July 18, 2025, the State Bank of Pakistan (SBP) reported today.
This marks a recovery from historically low levels seen in recent years, as per the data released by the SBP.
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The reserves comprise net holdings by the central bank ($14.46 billion) and commercial banks ($.5.46 billion). The restoration in reserves follows a challenging period during the 2022-2023 period, when total liquid assets dipped below $10 billion.
This reflected economic strain, dwindling external inflows, and balance of payment pressures.
An analysis if recent trends shows that Pakistan’s FX reserves bottomed out around mid-2023, with a gradual upward trajectory since then.
For the fiscal year 2024-2025, the projected total reserves ($19.27 billion) significantly surpass prior years’ levels (around $14 billion). This signals improved external liquidity conditions.
Month-on-month data for the past year reveal incremental gains, with reserves rising from roughly $13.88 billion in June 2025 to a high of $19.27 billion in June 2025.
The upswing may be attributed to several factors: improved export receipts, steady remittance inflows, IMF and multilateral support disbursements and prudent monetary and fiscal management aimed at stabalising the external account.
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However, the reserves remain modest relative to import cover and external debt servicing needs.
