The State Bank of Pakistan (SBP) purchased a net $9.7 billion from the domestic foreign exchange market between June 2024 and September 2025, according to data released by the central bank on Tuesday.
The central bank’s data shows that the central bank remained a consistent buyer of dollars during the period.
Net FX intervention includes outright and swap purchases of foreign exchange minus outright and swap sales conducted with banks in the interbank market.
A monthly breakdown shows that the SBP purchased $573 million in June 2024, followed by $722 million in July, $569 million in August and $946 million in September.
Buying accelerated in the following months, with purchases of $1.03 billion in October and $1.15 billion in November 2024, before easing to $536 million in December.
In 2025, the central bank bought $154 million in January, $223 million in February, $860 million in March and $473 million in April.
Purchases stood at $522 million in May and $502 million in June, followed by $189 million in July and $257 million in August. The largest monthly purchase in the later part of the period was recorded in September 2025 at $1.02 billion.
Despite heavy intervention, SBP’s foreign exchange reserves showed mixed movement due to various inflows and outflows, according to data compiled by Arif Habib Limited.
A strong rebound was seen in May and June 2025, when reserves jumped by a combined $4.23 billion to reach $14.5 billion. After some moderation in July, August and September, SBP reserves stood at $14.2 billion at the end of September 2025. Reserves rose to $10.74 billion in September 2024 after a sharp monthly increase of $1.3 billion and continued to climb to $12.03 billion by November 2024. However, reserves fell to $10.28 billion by April 2025.
As of December 19, 2025, SBP’s foreign exchange reserves have risen to $15.9 billion.





