SBP’s $7.2B Boost Lifts Reserves by $885M

Islamabad, July 29, 2025, 09:25 PM PKT — The State Bank of Pakistan (SBP) has executed bold foreign exchange interventions, injecting $7.2 billion from June 2024 to April 2025, boosting foreign exchange reserves by $885 million, as reported by Arif Habib Limited (AHL), with the remainder funding debt repayments. Monthly SBP data shows purchases of $573 million in June 2024, $722 million in July, $569 million in August, $946 million in September, peaking at $1.15 billion in November, then easing to $536 million in December, $154 million in January 2025, $223 million in February, $860 million in March, and $473 million in April.

Reserves saw volatile shifts: a $280 million rise to $9.39 billion in June 2024, a $169 million drop to $9.22 billion in July, a $216 million increase to $9.44 billion in August, a $1.3 billion surge to $10.74 billion in September, a $466 million boost to $11.2 billion in October, and a $835 million leap to $12.03 billion in November, before declining by $306 million to $11.73 billion in December, $313 million to $11.4 billion in January, $169 million to $11.25 billion in February, $611 million to $11.25 billion in March, and $364 million to $10.28 billion in April. These interventions have stabilized the forex market while managing debt, but web context on reserve trends shows past volatility, and posts found on X reflect mixed views—some credit stability, others question sustainability. Critically, the narrative of “market stabilization” may mask debt dependency—web data hints at external pressures, and X sentiment suggests distrust in long-term gains, pointing to underlying risks.