Pakistan’s short-term FX liabilities holds steady at $31bn

April 01, 2026 (MLN): Due to maturing foreign currency loans, securities, and deposits, Pakistan's foreign currency assets are expected to see a net outflow of $31.23bn, 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 $21.60bn.

Meanwhile, outflows of $6.20bn are due within the next month, and an additional $3.43bn is payable between the one-to-three-month window.

The principal outflows amount to $27.83bn, of which $19.03bn falls in the more than three-month up to one-year maturity range. Interest payments add another $3.40bn to the financial burden, with $2.57bn falling in the longest maturity bracket.

Aggregate short and long positions in forwards and futures indicate a net shortfall of $1.81bn. Short positions dominate at $2.22bn, while long positions provide a partial offset at $406 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 $28.36bn as of February 28, 2026, according to the latest data released by the State Bank of Pakistan (SBP), even as the country faces significant short-term foreign currency obligations  a marginal improvement from the $27.72bn recorded at end-January.

The reserve portfolio is anchored by foreign currency reserves in convertible currencies, which constitute $14.92bn of the total holdings. This represents the most liquid component of the central bank's external buffers.

Gold holdings continue to provide substantial support to the reserve position, with the SBP maintaining 2.083 million fine troy ounces valued at $10.88bn. This precious metal stockpile serves as a strategic hedge against currency volatility and external shocks.

Currency and deposits with various institutions account for $11.64bn of the reserves.

Of this amount, $7.20bn is deposited with other national central banks, the Bank for International Settlements, and the International Monetary Fund, while $4.42bn is held with banks headquartered outside the reporting country.

An additional $13.49m is placed with domestic banks' foreign branches.

The IMF reserve position stands at $0.16m, while Special Drawing Rights (SDRs) contribute $120.42m to the total reserves. Other reserve assets, classified under a residual category, add $2.43bn to the holdings.

Beyond official reserves, Pakistan holds an additional $138.86m in other foreign currency assets.

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