Federal and Provincial Governments Held Rs 3.32 Trillion at the State Bank on 30 June 2026, Up 64%

Short answer: The State Bank of Pakistan's accounts show that federal and provincial government accounts held Rs 3,323.8 billion at the central bank on 30 June 2026. A year earlier the figure was Rs 2,026.5 billion, so it rose 64 per cent. Punjab held Rs 1,500.6 billion and the federal government Rs 1,283.3 billion.

Governments need somewhere to keep their money between receiving it and spending it. In Pakistan, much of that place is the State Bank of Pakistan (SBP). Its annual accounts give the year-end balance for the federal government, each province, Azad Jammu and Kashmir, and Gilgit-Baltistan.

We downloaded the SBP's Annual Financial Statements 2025-26 on 12 October 2026 and read note 21 of the unconsolidated balance sheet. The statements are dated 27 August 2026. Amounts in the notes are in thousands of rupees. We converted them to billions.

Government accounts at the SBP held Rs 3,323.8 billion on 30 June 2026

Note 21 lists the current accounts of governments as a liability of the SBP, since the money belongs to them. The total was Rs 3,323.8 billion at 30 June 2026, against Rs 2,026.5 billion at 30 June 2025. That is a rise of Rs 1,297.3 billion.

The federal government accounts for Rs 1,283.3 billion. The provinces, Azad Jammu and Kashmir, and Gilgit-Baltistan together hold Rs 2,040.5 billion. So the federal share is 38.6 per cent and the rest is 61.4 per cent.

Punjab and the federal government hold four fifths of the money

Punjab holds 45.1 per cent of the total and the federal government 38.6 per cent. Together that is 83.7 per cent, or Rs 2,783.9 billion. Sindh holds 8.4 per cent, Khyber Pakhtunkhwa 2.9 per cent and Balochistan 2.6 per cent.

Both large balances more than kept pace with the total. The federal balance more than doubled and Punjab's rose by Rs 653.0 billion. Only Sindh and Balochistan ended the year with less than they started with.

Most of each balance sits in the "non-food account". Note 21 splits each holder's money into a non-food account, a zakat fund account and other accounts. For Punjab, Rs 1,485.9 billion of Rs 1,500.6 billion was in the non-food account. For the federal government it was Rs 1,270.5 billion of Rs 1,283.3 billion.

What these balances are and are not

These are balances on one day, 30 June 2026, the last day of the financial year. They show what governments had in their accounts at the SBP that day. They are not a budget surplus, not a measure of savings over the year and not the same as government debt.

The note covers only accounts held at the SBP. It does not show money that governments hold with commercial banks. And a year-end snapshot can move a lot from the balance on 1 July or 30 September, when receipts and payments have changed.

The statements also do not say why any balance rose or fell. A federal balance of Rs 1,283.3 billion on 30 June can come from the timing of payments as much as from policy. We do not read a cause into the numbers.

Why the number links to the wider money figures

Government deposits at the SBP sit on the central bank's balance sheet next to money supply and bank lending. When government balances rise, money has moved from banks and taxpayers into government accounts. That matters for how much cash banks hold and for borrowing.

Our piece on the fall in broad money to September 2026 shows the money supply side of the same story. And the central government debt figure for August 2026 shows what was owed on the other side of the ledger.

How to find the figures yourself

The note is in the public accounts. Open the Publications page on the SBP website, download the Annual Financial Statements 2025-26, find the balance sheet and then note 21. The totals reconcile, so you can check the sum of the seven lines against Rs 3,323.8 billion.

1. Go to the Publications page at sbp.org.pk.
2. Download Annual Financial Statements 2025-26.
3. In the unconsolidated balance sheet, find "Current accounts of Government" under liabilities.
4. Turn to note 21 and read 21.1 for the totals by holder.
5. Read notes 21.2 to 21.6 for the split between non-food, zakat fund and other accounts.

For the rest of the same accounts, see how the SBP profit of Rs 1,990 billion was built. The two pages use different parts of one file.

Common questions

Is Rs 3.3 trillion a government surplus?

No. It is the total balance in government accounts at the SBP on one day. A surplus is the difference between income and spending over a period, and it is a different measure.

Why did the federal balance more than double?

The accounts do not give a reason. A balance on 30 June reflects when money came in and when payments were made, so a year-end figure alone cannot show a cause.

Why did Sindh and Balochistan hold less than a year earlier?

The note shows the fall but not the reason. Sindh's balance fell from Rs 345.4 billion to Rs 279.1 billion and Balochistan's from Rs 105.7 billion to Rs 87.5 billion.

Does this include money at commercial banks?

No. Note 21 covers current accounts held at the SBP only. Balances held with other banks are not in the figure.

What is the zakat fund account in the note?

It is a separate account for each government, listed in notes 21.2 to 21.6. The federal one held Rs 8.7 billion on 30 June 2026. The note gives no further description.

Where can I read the note?

It is note 21 of the SBP Annual Financial Statements 2025-26, on the Publications page of the SBP website. The statements are audited and dated 27 August 2026.

How we verified this

What we checked, where we read it, and what we could not confirm.

We read note 21 and its sub-notes in the SBP Annual Financial Statements 2025-26 (unconsolidated) on 12 October 2026 at sbp.org.pk. The percentages and the shares are our arithmetic from the printed figures. We could not check why any balance moved, because the accounts do not say.