SBP Bought a Net $8.1 Billion From Banks in 2025-26: What the Dollar Purchases Mean

Short answer: The State Bank of Pakistan (SBP) bought a net $8.10 billion from banks in the interbank market during the 2025-26 financial year, its own table shows. That is 5.5 per cent more than the $7.68 billion it bought in 2024-25. It bought dollars in every one of the 12 months, from $154 million in May to $1,033 million in October.

A stable rupee does not happen by itself. Behind a dollar rate that moves by a few paisa a week sits a central bank that buys the dollars the market is offering. This page explains the SBP table that shows those purchases, month by month, and what it does and does not mean for you.

We read the SBP table "SBP's FX Interventions in the Interbank FX Market" on 12 October 2026. SBP lists it on its Economic Data page, updated on 28 September 2026, with figures to June 2026.

SBP bought dollars in every month of 2025-26

The table reports "net FX intervention". That is the dollars the SBP bought from banks, outright and through swaps, minus the dollars it sold to them. A plus sign means the SBP was a net buyer. Every month from July 2025 to June 2026 carries a plus sign.

The twelve months add up to $8,104 million by our sum, an average of about $675 million a month.

The total is up 5.5 per cent on 2024-25

Add the same table for July 2024 to June 2025 and the SBP bought $7,684 million. The 2025-26 figure of $8,104 million is $420 million more, a rise of 5.5 per cent, by our arithmetic.

The pattern differs. In 2024-25 the biggest months were October 2024 ($1,026 million) and November 2024 ($1,151 million). Purchases then fell to $154 million in January 2025. In 2025-26 the SBP bought more than $1 billion in each of September, October and December 2025, three months of heavy buying in a single year.

What these purchases do for the rupee and reserves

When the SBP buys dollars, two things happen. Its reserves grow, and banks have a buyer for their spare dollars. That can keep the rupee steadier than it would be otherwise.

The result shows in daily numbers. The interbank rate was Rs 277.00 on 9 October 2026, as we reported in our dollar rate report. The PBS national accounts put the average rate for 2025-26 at Rs 280.65, so the rupee is a little stronger than its yearly average.

Reserves tell the other half. Our latest report on SBP reserves of $21.45 billion shows the stock that these purchases have helped to build. The purchase table does not say what the SBP paid for the dollars, nor why it bought more in some months.

Where the dollars come from

Banks hold dollars from exporters, from remittances and from foreign investors. Remittances from workers abroad rose 12.7 per cent in September 2026, according to our remittance report. When more dollars arrive than importers need, the SBP can buy the extra.

That is a cause, not a rule. The SBP table shows what it did, not why. A month with heavy imports can reverse the flow. And buying is not free: the SBP pays in rupees, which can add to money in the system.

1. Exporters and remitters sell dollars to banks.
2. Banks offer surplus dollars in the interbank market.
3. The SBP buys some, adding to its reserves.
4. The rupee stays steadier, and imports keep a predictable price.

How to read the table on the SBP site

Go to the SBP Economic Data page and open the Foreign Exchange Market section. The table is a single PDF that lists months in rows and net purchases in US dollar millions. It shows a quarterly update, so July and August 2026 are not in it yet.

Read it alongside the SBP's weekly reserve figure. A big monthly purchase should show up as a rise in the SBP's own reserves, unless the government repays foreign loans in the same month. Our report on foreign loan repayments in July and August 2026 shows how much went out.

Common questions

How many dollars did the SBP buy in 2025-26?

It bought a net $8.10 billion, or $8,104 million, across the 12 months from July 2025 to June 2026.

What does net intervention mean?

It means the SBP's outright and swap purchases of dollars from banks, minus its sales to them. A plus sign means net buying.

Which month had the largest SBP purchase?

October 2025, at $1,033 million. September ($1,023 million) and December 2025 ($1,024 million) were almost as large.

Did the SBP buy more than in 2024-25?

Yes. It bought $8,104 million against $7,684 million, which is 5.5 per cent more.

Does this mean the SBP is fixing the exchange rate?

The table does not say that. It shows purchases, not a rate target. SBP describes its own exchange rate regime on its website.

How we verified this

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

We read the State Bank of Pakistan Economic Data page and its FX intervention table on 12 October 2026. The 2025-26 average exchange rate comes from the PBS national accounts tables. The SBP updates the intervention table quarterly, so check the date on the page.