SBP Reserves Hold at $21.4 Billion, Pakistan's Total Reaches $26.8 Billion

The State Bank of Pakistan (SBP) held $21.40 billion in liquid foreign exchange reserves on 18 September 2026. Commercial banks held another $5.41 billion, so Pakistan's total liquid reserves stood at $26.81 billion. These are the latest weekly figures on the State Bank's own data page.

The week itself was quiet. SBP reserves rose by only $11.3 million. The big move came a week earlier, when SBP reserves jumped by about $3.06 billion in the week to 11 September. The State Bank says the main reason was the $3 billion Pakistan raised by selling Eurobonds in September, plus dollars the State Bank bought in the market.

On 25 September, the SBP Governor said reserves "now stand at US$21.4 billion". That matches the weekly data. For comparison, he said, they were below $3 billion in February 2023.

SBP reserves stood at $21.4 billion on 18 September 2026

SBP's liquid foreign exchange reserves were $21,400.3 million on 18 September 2026. Banks held $5,410.3 million. The total was $26,810.6 million, up $19.4 million from the week before. All three figures are from the State Bank's weekly reserves table.

"Liquid" means money the country can use quickly, such as cash and deposits in dollars and other hard currencies. The banks' share belongs to the banks and their customers, including people who keep dollar accounts. The SBP share is the one that pays for government debt and backs the rupee.

Reserves rose $4.3 billion in six weeks

SBP reserves climbed from $17.06 billion on 7 August to $21.40 billion on 18 September 2026, a rise of about $4.34 billion. Most of it came in two weeks in early September. Total reserves went from $22.50 billion to $26.81 billion.

There is no figure for the week of 14 August, which was a public holiday. The State Bank's table notes this.

August was flat. SBP reserves moved by only about $60 million across the month. Then came two big weeks:

1. Week to 4 September: SBP reserves rose about $1.21 billion.
2. Week to 11 September: SBP reserves rose about $3.06 billion.
3. Week to 18 September: SBP reserves rose $11.3 million.

Eurobonds and State Bank dollar buying drove the jump

The State Bank's monetary policy statement of 14 September 2026 says Pakistan raised $3 billion through Eurobonds in September. It says this, along with the State Bank's own dollar purchases, lifted SBP reserves above $21 billion. It does not split the rise week by week.

A Eurobond is a bond sold to foreign investors in dollars. Pakistan borrows the money and pays it back with interest later. So part of the jump is borrowed money, not earned money.

The rest comes from the State Bank buying dollars in the local market. Strong remittances in August 2026 help here, because they bring dollars into banks that the State Bank can buy. The next IMF money depends on the fourth IMF review, which has not been completed yet.

The rupee held steady near Rs 277 a dollar

The interbank rupee has barely moved. The State Bank's mark-to-market rate, which banks use to value their dollar positions, was Rs 277.1618 on 25 September 2026. It was Rs 277.7112 on 7 August, so the rupee gained about 55 paisa in seven weeks.

The weighted average interbank rate on 25 September 2026 was Rs 276.8821 to buy and Rs 277.3072 to sell, according to the State Bank. Exchange companies and banks' counter rates for cash can be a little different.

Higher reserves protect the rupee and import bills

Reserves are the country's savings in foreign money. They pay for imports like oil, medicine and machinery, and for foreign loan payments. When reserves are high, the rupee is less likely to fall suddenly, and prices of imported goods stay calmer.

The Governor's statement of 25 September says a large current account deficit in 2021-22 drained reserves quickly, and SBP reserves fell below $3 billion in February 2023. Today's $21.4 billion is more than seven times that low.

A common way to judge reserves is "import cover", meaning how many months of imports they could pay for. The State Bank expects its reserves to approach three months of import cover by the end of June 2027. So even at $21.4 billion, it does not yet see a full three months.

For a family, the effect is indirect. Steadier reserves mean a steadier rupee, which helps keep petrol, cooking oil and medicine prices from jumping because of the exchange rate. They do not cut bills by themselves. The State Bank kept its policy rate at 11.5 per cent on 14 September.

Common questions

How much are Pakistan's foreign exchange reserves now?

Total liquid reserves were $26.81 billion on 18 September 2026. The State Bank held $21.40 billion and commercial banks $5.41 billion.

Why did SBP reserves jump in September 2026?

The State Bank says $3 billion raised through Eurobonds, plus its own dollar purchases, lifted reserves above $21 billion.

How often does the State Bank publish reserves?

Every week. The figure is for the end of each week and appears in the State Bank's weekly reserves table.

What is the dollar rate in the interbank market?

The SBP mark-to-market rate was Rs 277.1618 on 25 September 2026. The weighted average rate was Rs 276.8821 to buy and Rs 277.3072 to sell.

Are reserves enough to cover three months of imports?

Not yet. The State Bank expects SBP reserves to approach three months of import cover by the end of June 2027.

Do higher reserves lower prices?

Not directly. They keep the rupee steadier, which helps imported goods avoid sudden price jumps.

Last checked and sources

We last checked these figures on 27 September 2026. Weekly reserves come from the State Bank's liquid foreign exchange reserves table and its weekly archive file. The reason for the jump and the import cover projection come from the monetary policy statement of 14 September 2026. The Governor's $21.4 billion remark is from the State Bank press release of 25 September 2026. Exchange rates come from the State Bank's daily mark-to-market files and its economic data page.