Pakistan’s short-term FX liabilities reach over $32bn

October 01, 2025 (MLN):  Due to maturing foreign currency loans, securities, and deposits, Pakistan's foreign currency assets are expected to see a net outflow of $32.45 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 $27.89bn.

Meanwhile, outflows of $2.47bn are due within the next month, and an additional $2.09bn is payable between the one-to-three-month window.

The principal outflows amount to $28.73bn, of which $25.06bn falls in the more than three-month up to one-year maturity range. Interest payments add another $3.72bn to the financial burden.

Aggregate short and long positions in forwards and futures indicate a net shortfall of $2.01bn.

Short positions dominate at $2.2bn, while long positions provide partial offset at (+197).

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.

Foreign currency reserves in convertible currencies led the asset composition at $11.62bn, representing the largest single component of the reserves. The central bank holds 2.082m fine troy ounces of gold, valued at $7.14bn.

The reserve structure includes $11.39bn in total currency and deposits distributed across various institutions.

Of this amount, $6.57 billion is held with other national central banks, the Bank for International Settlements, and the International Monetary Fund. Another $4.81bn sits with banks headquartered outside the reporting country, while $13.48m is held with banks headquartered in the reporting country but located abroad.

The portfolio includes $234.53 million in securities, with issuers headquartered in the reporting country but located abroad. The central bank maintains $29.7m in Special Drawing Rights through its IMF reserve position. 

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