Foreign Investors Put a Net $173 Million Into Pakistan's SCRA Since July, SBP Data Shows
Foreign investors put a net $173.3 million into SBP's SCRA accounts from July to 2 October 2026, most of it in bonds. See the country split and what it means.
Short answer: Foreign investors put a net US$173.3 million into Pakistan's Special Convertible Rupee Accounts (SCRA) between 1 July and 2 October 2026, the State Bank of Pakistan (SBP) says. Most of it went into government bonds. And $91.5 million of it arrived on a single day, 2 October.
The SBP publishes the SCRA position by country in a one-page sheet. We opened the sheet ourselves and read every line. The figures are in thousands of US dollars on the sheet, and we have converted them to millions. The sheet is dated 2 October 2026, and the SBP's data page lists it as updated on 8 October.
Net inflow into SCRA was $173.3 million from July to 2 October
Foreign investors brought in $669.5 million through SCRA accounts in the financial year so far and took out $496.2 million. That leaves a net inflow of $173.3 million. SCRA is the account foreign investors use to put dollars into Pakistani shares and government securities.
A Special Convertible Rupee Account lets a non-resident investor convert dollars into rupees, buy Pakistani securities, and later convert the proceeds back into dollars. It is a way in, and just as easily a way out. That is why analysts watch it closely.
| Item (US$ million) | 1 July to 2 October 2026 |
|---|---|
| Total inflow | 669.5 |
| Total outflow | 496.2 |
| Net inflow | 173.3 |
| Of which: net into government bonds (PIBs) | 158.3 |
| Of which: net into Treasury bills | 32.8 |
| Of which: net into shares | minus 17.7 |
Government bonds took most of the money and shares saw net selling
Foreign investors put $334.2 million into Pakistan Investment Bonds (PIBs) and took out $175.9 million, a net $158.3 million. Treasury bills netted $32.8 million. Shares went the other way: $111.2 million came in and $128.9 million went out, a net outflow of $17.7 million.
PIBs are long-term government bonds. Treasury bills are short-term. Both pay a fixed return, so the money is chasing the interest rate rather than the stock market. We explain how the latest bond sale went in our note on the PIB auction of 7 October 2026.
The United Arab Emirates led with $216.5 million net
By country, the UAE had the largest net inflow, at $216.5 million, on inflows of $364.4 million. The United Kingdom brought in $92.0 million and the United States $82.0 million. The sheet lists each country as it appears in SBP's records, and it does not say where the money was first earned.
Several countries show net outflows. Bahrain's net was minus $63.5 million, the United Kingdom's minus $18.0 million and Sweden's minus $13.6 million. The UAE's net is larger than the whole total, so all other countries together are a net outflow of about $43 million.
| Country | Inflow | Outflow | Net |
|---|---|---|---|
| UAE | 364.4 | 147.8 | 216.5 |
| Luxembourg | 61.0 | 7.2 | 53.8 |
| USA | 82.0 | 53.6 | 28.4 |
| UK | 92.0 | 110.1 | minus 18.0 |
| Bahrain | 49.0 | 112.5 | minus 63.5 |
More than half the net inflow came on 2 October alone
The sheet's single-day column for 2 October shows an inflow of $92.5 million and an outflow of $1.1 million, a net $91.5 million. Subtracting October's net from the year-to-date figure, we get about $82 million at the end of September.
The UAE accounted for $90.1 million of that day's inflow, split between Treasury bills ($50.0 million) and PIBs ($40.0 million). One large buyer can therefore swing a week's figure. A single day should not be read as a trend.
- Year to date to 30 September: net inflow of about $82 million, by our subtraction.
- 1 October: a small net outflow of about $0.4 million, by our subtraction.
- 2 October: net inflow of $91.5 million.
- Year to date to 2 October: net inflow of $173.3 million.
The sheet shows foreign portfolio money, not the whole picture
SCRA covers only foreign investors in shares and government securities. It does not count foreign direct investment, loans or remittances, and it is not the same as the SBP's reserves. Each of those has its own table, and the numbers are not meant to be added together.
For the wider flows, read the SBP's data on foreign investment in July and August and the current account for July and August. Reserves moved separately, as set out in the reserves report of 2 October.
Two cautions apply. The sheet is a snapshot that is overwritten on each update, so the figures may differ if you open it later. And inflows can reverse: the same account that brings money in lets it leave.
Common questions
What is an SCRA account?
A Special Convertible Rupee Account is a rupee account that lets a foreign investor buy Pakistani shares and government securities and take the proceeds back out in dollars.
How much did foreign investors put into SCRA in 2026-27 so far?
The SBP sheet shows $669.5 million in and $496.2 million out from 1 July to 2 October 2026, a net inflow of $173.3 million.
Is SCRA money the same as foreign direct investment?
No. Foreign direct investment builds factories and businesses. SCRA money buys shares and securities, and it can usually be sold and sent back more quickly.
Where can I read the SCRA sheet myself?
It is on the SBP's Economic Data page under Special Convertible Rupee Accounts, as a daily position by country and a weekly position.
Why did the UAE lead?
The sheet does not say. It shows the UAE bought $50.0 million of Treasury bills and $40.0 million of PIBs on 2 October, which accounts for most of its recent inflow.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked on 11 October 2026. We read the State Bank of Pakistan's SCRA daily position by country, dated 2 October 2026, and its Economic Data page, which lists the sheet as updated on 8 October 2026. All figures are from the sheet, converted from thousands to millions. The figure of about $82 million at the end of September, the net for all other countries and all rounding are our own arithmetic. The SBP does not explain individual flows.
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.
