SBP reserves have risen to $21.5 billion, up from less than $3 billion in February 2023, State Bank of Pakistan Governor Jameel Ahmad told international investors on the sidelines of the IMF-World Bank Annual Meetings in Bangkok.
In meetings held during the October 12-17 annual meetings, the governor briefed senior executives of JPMorgan, Citibank, Jefferies, Deutsche Bank, Barclays, Bank of America, MSCI, Standard Chartered and MUFG, as well as development partners, central banks and credit rating agencies. The central bank shared details of the meetings in a statement on Saturday.
How SBP reserves were rebuilt
The reserves figure is as of October 9, 2026. According to the State Bank, the build-up came mainly from its foreign exchange purchases rather than large new borrowing, and Pakistan’s external debt has risen only slightly over the last three years.
Over the same period, the SBP’s forward liabilities fell from more than $5.7 billion to under $1 billion.
The current account was nearly balanced in FY26. The State Bank expects a deficit of 0-1% of GDP in FY27 and plans further foreign exchange purchases this year.
Growth, inflation and IMF programme
The governor said the economy has recovered from a contraction in FY23 to real GDP growth of 3.7% in FY26, and the SBP projects growth of 3.5-4.5% in FY27.
Inflation, which surged in FY23, eased to almost within the central bank’s target range in FY26 despite a sharp oil price shock. Pakistan also posted a primary fiscal surplus for the third year in a row, and public debt as a share of GDP is falling.
He noted that a staff-level agreement has been reached on the reviews under the IMF’s Extended Fund Facility and Resilience and Sustainability Facility, and said Pakistan is “considerably better positioned to manage the current economic shock” than in past periods of external stress.
