Pakistan’s short-term FX liabilities crosses $31bn

February 2, 2026 (MLN): Due to maturing foreign currency loans, securities, and deposits, Pakistan's foreign currency assets are expected to see a net outflow of $31.11bn, according to the latest liquidity report released by the State Bank of Pakistan (SBP).

The total outflow is categorized based on residual maturity, with the most pressing concern being the more than three months up to one-year segment, which accounts for a substantial $22.11bn.

Meanwhile, outflows of $4.39bn are due within the next month, and an additional $4.60bn is payable between the one-to-three-month window.

The principal outflows amount to $27.65bn, of which $19.55bn falls in the more than three-month up to one-year maturity range. Interest payments add another $3.45bn to the financial burden, with $2.56bn falling in the longest maturity bracket.

Aggregate short and long positions in forwards and futures indicate a net shortfall of $1.87bn. Short positions dominate at $2.23bn, while long positions provide partial offset at $361 million.

These figures underline the near-term strain on Pakistan's external account, which emphasizes the critical need for continued inflows, timely rollovers, and prudent management of external liabilities to preserve reserve adequacy.

Furthermore, Pakistan's official reserve assets totaled $26.32bn as of December 31, 2025, according to the latest data released by the State Bank of Pakistan (SBP), even as the country faces significant short-term foreign currency obligations.

The reserve portfolio is anchored by foreign currency reserves in convertible currencies, which constitute $14.54bn of the total holdings. This represents the most liquid component of the central bank's external buffers.

Gold holdings provide substantial support to the reserve position, with the SBP maintaining 2.082 million fine troy ounces valued at $9.10bn. This precious metal stockpile serves as a strategic hedge against currency volatility and external shocks.

Currency and deposits with various institutions account for $12.33bn of the reserves. Of this amount, $7.95bn is deposited with other national central banks, the Bank for International Settlements, and the International Monetary Fund, while $4.37bn is held with banks headquartered outside the reporting country. An additional $13.58m is placed with domestic banks' foreign branches.

IMF reserve position stands at $0.16m, while Special Drawing Rights (SDRs) contribute $235.58m to the total reserves.

Beyond official reserves, Pakistan holds an additional $133.26m in other foreign currency assets, comprising securities, deposits, loans, and financial derivatives not classified under official reserve assets.

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