How to Read SBP's Weekly Reserves Sheet: $21.45 Billion at SBP, $26.80 Billion in Total
SBP's weekly sheet shows $21,453.7 million with SBP, $5,343.7 million with banks and $26,797.4 million in total. See which number is which and where to find it.
Short answer: SBP's weekly sheet shows $21,453.7 million of net reserves with SBP and $5,343.7 million with banks, a total of $26,797.4 million, for the week ended 2 October 2026. The figure that news usually calls "SBP reserves" is the first one, not the total.
Every Thursday the State Bank of Pakistan (SBP) puts out one line that moves headlines. Two people can quote it and give different numbers, both correct. We opened SBP's reserves file on 15 October 2026 to show which number is which, and how to find the newest one yourself.
The sheet has three columns and the first one is SBP's own
SBP's file is titled "Liquid Foreign Exchange Reserves" and is in million US dollars. It has three columns: net reserves with SBP, net reserves with banks, and total liquid FX reserves. The total is the sum of the first two.
| Week ended | With SBP ($ million) | With banks ($ million) | Total ($ million) |
|---|---|---|---|
| 4 September 2026 | 18,328.2 | 5,387.6 | 23,715.8 |
| 11 September 2026 | 21,389.0 | 5,402.2 | 26,791.2 |
| 18 September 2026 | 21,400.3 | 5,410.3 | 26,810.6 |
| 25 September 2026 | 21,439.2 | 5,331.7 | 26,770.9 |
| 2 October 2026 | 21,453.7 | 5,343.7 | 26,797.4 |
Compare the first two rows. SBP's own reserves rose by $3,060.8 million between 4 and 11 September, while the banks' part barely moved. The sheet gives no reason for that jump, and we do not guess. Our report on the week ended 2 October has more on the latest numbers.
Banks hold about one fifth of the total
On 2 October 2026, the banks' part was $5,343.7 million out of $26,797.4 million, which is 19.9 per cent, or about one fifth. SBP's part is the remaining 80.1 per cent. These percentages are our arithmetic. They help you see why SBP's number drives the headline.
The two parts are not owned by the same people. The money with SBP belongs to the central bank. The money with banks is foreign currency held by commercial banks. Both count in the total. We say this as a plain description, not as SBP's own words.
The weekly sheet and the official reserve assets table are different lists
SBP also publishes a monthly table called Official Reserve Assets. For September 2026 it shows $31,430.74 million, which is higher than the weekly total of about $26.8 billion. The two lists count different things, so do not add them or treat one as a mistake in the other.
| Item in the September 2026 table | $ million |
|---|---|
| Foreign currency reserves | 18,086.13 |
| Gold | 8,703.96 |
| Special Drawing Rights | 156.86 |
| Other reserve assets | 4,483.63 |
| Total official reserve assets | 31,430.74 |
That table has a gold line. The weekly sheet we opened has no gold line. For more on the monthly table, read the report on official reserve assets of $31 billion.
How to find the newest weekly figure in five steps
The sheet is updated each week on SBP's website, with a lag of about six days. The file we opened was dated 8 October and ended at the week of 2 October. Use these steps to find the latest.
- Open SBP's Economic Data page.
- Find "Foreign Exchange Reserves" and note the date next to it.
- Open the PDF and read the bottom row of the weekly list.
- Read the three columns in order: with SBP, with banks, total.
- Compare the row with the one above it to see the weekly change.
Month-end figures sit above the weekly rows. At the end of June 2026 the total was $23,205.6 million. So the 2 October total of $26,797.4 million is $3,591.8 million higher, a figure we worked out ourselves. For what Pakistan owes in the coming years, see the IMF repayment schedule.
Common questions about SBP's weekly reserves
What are SBP's reserves this week?
On the latest sheet we opened, for the week ended 2 October 2026, net reserves with SBP were $21,453.7 million. A newer week may have been posted since.
What is the difference between SBP reserves and total reserves?
SBP reserves are the first column, held by the central bank. Total reserves add the banks' holdings. On 2 October 2026 the total was $26,797.4 million.
Why do some reports say $26.8 billion and others $21.5 billion?
They quote different columns. $26.8 billion is the total and $21.5 billion is SBP's own part, both for the week ended 2 October 2026.
Does the weekly total include gold?
The weekly sheet we opened has no gold line. The monthly Official Reserve Assets table lists gold separately, at $8,703.96 million for September 2026.
How often is the sheet updated?
Weekly. SBP's Economic Data page lists the Foreign Exchange Reserves file as weekly. The version we opened was dated 8 October 2026.
Do reserves tell me whether the rupee will rise or fall?
No. The sheet reports a stock of foreign currency. It does not forecast the exchange rate, and we make no claim about the rupee from it.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 15 October 2026. The weekly and month-end reserve figures come from SBP's file forex.pdf, which we read on 15 October 2026 and which SBP lists on its Economic Data page. The official reserve assets figures come from SBP's file ORA.pdf for September 2026. The percentages, weekly changes and the $3,591.8 million difference are our own arithmetic. We did not find a note on SBP's sheet that defines each column, so the plain descriptions of who holds what are ours.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
