February 23, 2026 (MLN): The State Bank of Pakistan (SBP) purchased $620 million from the interbank foreign exchange market in November 2025, according to official data released by its Domestic Markets & Monetary Management Department.
The latest intervention was significantly lower than the previous month, when SBP bought $1.033 billion in October 2025, indicating a moderation in foreign exchange inflows or reduced need for market absorption.
On a year-on-year basis, November’s purchases were also markedly below the $1.151 billion recorded in November 2024.
During the first five months of fiscal year 2026 (July–November 2025), the central bank purchased a net $3.122 billion from the market.
The bulk of these purchases occurred in September and October, when strong inflows enabled SBP to accumulate more than $2 billion across the two months, before slowing in November.
In comparison, SBP had purchased a larger $4.414 billion during the same period of fiscal year 2025 (July–November 2024), suggesting that while inflows remain supportive, they have eased from last year’s exceptionally strong levels.
The latest cumulative figure represents a year-on-year decline of about $1.29 billion.
The SBP defines Net FX Intervention as outright and swap purchases of foreign exchange minus outright and swap sales conducted with banks in the interbank market.
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Foreign Exchange Reserves