Pakistan’s short-term FX liabilities reach over $31bn

September 02, 2025 (MLN): Due to maturing foreign currency loans, securities, and deposits, Pakistan's foreign currency assets are expected to see a net outflow of $31.65 billion, according to the latest liquidity report released by the State Bank of Pakistan (SBP).

The total outflow is categorised 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 $27.49bn.

Meanwhile, outflows of $0.44bn are expected within the next month, and an additional $3.72bn will mature in the one-to-three-month window.

The principal outflows amount to $28.02bn, of which $3.11bn falls in the more than three-month up to one-year maturity range. Interest payments add another $3.63bn to the financial burden.

Aggregate short and long positions in forwards and futures indicate a net shortfall of $2.39bn.

Short positions dominate at $2.52bn, while long positions provide partial offset at (+125).

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

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