Pakistan’s short-term FX liabilities near $22bn in September 2026

November 13, 2026 (MLN): Pakistan’s foreign currency assets are expected to see a net outflow of $21.60bn due to maturing foreign currency loans, securities and deposits, according to the latest international reserves and foreign currency liquidity report of the State Bank of Pakistan (SBP).

Official reserve assets totaled $31.43bn as of Sept 30, 2026.

By residual maturity, the largest portion of the outflow, $16.54bn, falls in the more than three months up to one-year bracket.

Outflows of $1.04bn are due within the next month, while a further $4.01bn is payable in the one-to-three-month window.

Principal repayments account for $17.54bn of the total, of which $13.57bn falls in the more than three months up to one-year range.

Interest payments add another $4.06bn, with $2.98bn in the longest maturity bracket.

Aggregate short and long positions in forwards and futures show a net shortfall of $808mn. Short positions stand at $2.10bn, partly offset by long positions of $1.29bn.

The reserve portfolio is anchored by foreign currency reserves in convertible currencies, which make up $18.09bn of the total holdings and are the most liquid component of the central bank’s external buffers.

Of this, securities account for $5.85bn.

Gold holdings provide significant support, with the SBP holding 2.084 million fine troy ounces valued at $8.70bn.

Currency and deposits with various institutions account for $12.24bn of the reserves.

Of this, $7.39bn is deposited with other national central banks, the Bank for International Settlements and the International Monetary Fund (IMF), while $4.84bn is held with banks headquartered outside the reporting country.

A further $13.71mn is placed with domestic banks’ foreign branches.

The IMF reserve position stands at $0.16mn, while Special Drawing Rights (SDRs) contribute $156.86mn to the total reserves. Other reserve assets amount to $4.48bn.

Beyond official reserves, Pakistan holds an additional $107.69mn in other foreign currency assets.

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