Islamabad, June 17, 2025: The State Bank of Pakistan (SBP) has projected a profit of Rs2.4 trillion for the fiscal year ending in June 2025, aligning closely with government targets. Governor Jameel Ahmad made the announcement during a press briefing following the central bank’s recent monetary policy decision.
This projection comes on the heels of a historic profit of Rs3.42 trillion in FY24—boosted by elevated interest rates and favorable exchange rate movements. The FY25 profit, once audited and approved by the SBP board, will be transferred to the federal government and reflected in the FY26 budget.
Despite market expectations, the SBP maintained its policy rate at 11%, citing inflationary risks tied to global geopolitical uncertainties, particularly tensions between Israel and Iran. While the GDP growth target of 4.2% remains within reach, the central bank acknowledged vulnerabilities in the agriculture sector.
Growth in industry and services is expected to lead the economy, supported by higher import volumes, revived automotive sales, greater capacity utilization, and improved job market sentiment. The SBP also announced plans to release its own economic outlook in July, covering projections for inflation, GDP, foreign reserves, and current account dynamics.
Governor Ahmad also shared updates on external debt management, confirming that Pakistan will repay $25.8 billion in FY25. Of that, $400 million is scheduled to be cleared in the next two weeks. The upcoming Monetary Policy Committee (MPC) meeting in July will provide further clarity on FY26 repayment strategies.
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To support macroeconomic stability, the SBP aims to build $14 billion in foreign reserves by June 2025. The central bank anticipates a current account surplus for FY25, fueled by a sharp rise in remittances, which are projected to hit $38 billion, up from $31.3 billion in the previous year. This increase is largely attributed to a growing shift from informal to formal money transfer channels.
Moreover, the SBP has already surpassed its December 2024 Net International Reserves (NIR) target under the IMF program. As incoming inflows increase, the central bank expects a tapering in open market operations (OMO), helping to stabilize liquidity conditions.
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