SBP Reserves Rise to $21.45 Billion, Pakistan's Total Reaches $26.8 Billion
SBP reserves rose $14.5 million to $21.45 billion in the week to 2 October 2026, and the total hit $26.8 billion. See the five-week trend and import cover.
The State Bank of Pakistan's own foreign exchange reserves rose by $14.5 million to $21,453.7 million in the week to 2 October 2026. Reserves held by commercial banks rose by $12.0 million to $5,343.7 million, so Pakistan's total liquid reserves stood at $26,797.4 million.
The figure appeared on the State Bank's website on Thursday 8 October. On Wednesday evening the site still showed the week to 25 September. We read the new numbers on the home page reserves panel and in the State Bank's weekly reserves sheet on 9 October.
The weekly change is small. The real story is the level. SBP reserves are now about $4.3 billion higher than at the end of August, after a large jump in the week to 11 September, and they have held near $21.4 billion for four weeks.
SBP reserves stood at $21.45 billion on 2 October 2026
Liquid reserves are the foreign currency the country can use quickly, mostly to pay for imports and repay foreign debt. The State Bank splits them into two parts: what it holds itself, and what commercial banks hold. The State Bank's own share is the one that matters most for the rupee, because it is what the central bank can use to meet payments.
| Reserves, million US dollars | 2 October 2026 | 25 September 2026 | Change |
|---|---|---|---|
| Held by the State Bank | 21,453.7 | 21,439.2 | Up 14.5 |
| Held by commercial banks | 5,343.7 | 5,331.7 | Up 12.0 |
| Total liquid reserves | 26,797.4 | 26,770.9 | Up 26.5 |
The State Bank did not issue a press release with this week's figure. It now publishes the weekly level on its home page and in a reserves sheet, without a statement on what caused the change.
Reserves have held near $21.4 billion for four weeks
The big move came in early September. SBP reserves rose from $18,328.2 million on 4 September to $21,389.0 million on 11 September, a jump of about $3.06 billion in one week. Since then the weekly changes have been small, between $11 million and $39 million.
- 4 September: $18,328.2 million.
- 11 September: $21,389.0 million, up about $3.06 billion.
- 18 September: $21,400.3 million, up $11.3 million.
- 25 September: $21,439.2 million, up $38.9 million.
- 2 October: $21,453.7 million, up $14.5 million.
The total including banks peaked at $26,810.6 million on 18 September. It dipped to $26,770.9 million a week later, when bank holdings fell, and recovered to $26,797.4 million on 2 October.
SBP reserves are $7.3 billion higher than a year ago
At the end of September 2025, SBP reserves were $14,174.6 million and the total was $18,904.3 million. Today's SBP level is about $7.28 billion, or 51 per cent, higher. The total is about $7.89 billion higher.
| Date | SBP reserves, million dollars | Total liquid reserves, million dollars |
|---|---|---|
| End June 2025 | 14,505.8 | 19,269.2 |
| End September 2025 | 14,174.6 | 18,904.3 |
| End June 2026 | 18,376.2 | 23,205.6 |
| End August 2026 (provisional) | 17,152.8 | 22,031.9 |
| 2 October 2026 | 21,453.7 | 26,797.4 |
The reserves cover about 3.3 months of goods imports
A common test of reserves is how many months of imports they could pay for. Pakistan imported goods worth $6,494 million in September 2026, by the Pakistan Bureau of Statistics provisional figure. At that pace, SBP reserves of $21,453.7 million would cover about 3.3 months of goods imports.
This is our own rough sum. It leaves out imports of services and debt repayments, which also draw on reserves. It is still a useful yardstick for how far the money would stretch.
Higher reserves matter to households in three plain ways. They help keep the rupee steady, which keeps imported fuel and medicine prices from jumping. They make it easier for banks to open import letters of credit. And they give the State Bank room on interest rates. The next monetary policy meeting on 26 October will weigh these numbers. A further boost may come from the IMF tranche of about $1.2 billion agreed at staff level, which still needs the IMF board's approval, as set out in our report on the staff-level agreement.
How to check the reserves figure yourself every week
The State Bank posts the new weekly figure on its home page, usually on a Thursday, for the week that ended the Friday before. The full history sits in its reserves sheet. Here is how to read it:
- Open sbp.org.pk and find the panel headed Liquid Foreign Exchange Reserves. It shows three numbers and an "As on" date.
- Check the "As on" date, not the day you read it. The 2 October figure was posted on 8 October.
- Use the SBP line for the central bank's own position. The total includes money that commercial banks hold for their customers.
- Treat a weekly change under $100 million as noise. Look at the trend over four weeks.
The steps to check inflation, reserves and remittances on official pages also cover the remittance and inflation releases. The rupee's daily rate is in our 8 October dollar report.
Common questions
What are SBP reserves today?
The latest weekly figure is $21,453.7 million as on 2 October 2026. Total liquid reserves, including commercial banks, were $26,797.4 million.
Did reserves rise or fall this week?
They rose slightly. SBP reserves were up $14.5 million and bank reserves up $12.0 million in the week to 2 October.
Why did reserves jump in September?
SBP reserves rose about $3.06 billion in the week to 11 September. The State Bank's reserves sheet does not give a reason for the change.
How many months of imports do the reserves cover?
About 3.3 months of goods imports, by our sum using September 2026 imports of $6,494 million. Services and debt payments are not included.
When is the next reserves figure due?
The State Bank usually posts the next weekly figure on a Thursday. The figure for the week to 9 October should appear around 15 October 2026.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 9 October 2026 at about 5:00 am PKT.
- State Bank of Pakistan, home page reserves panel, as on 2 October 2026: sbp.org.pk
- State Bank of Pakistan, liquid foreign exchange reserves sheet with week-end and month-end levels: forex.pdf
- Pakistan Bureau of Statistics, monthly summary on foreign trade statistics for September 2026, for the import figure
The weekly and yearly changes, the 51 per cent rise and the import cover are our own arithmetic from those pages.
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.
