SBP's FX purchases slow to $635m in April

July 27, 2026 (MLN): State Bank of Pakistan purchased $635m from the interbank foreign exchange market in April 2026, according to data released by its Domestic Markets & Monetary Management Department.

The latest figure marked a further slowdown from March 2026, when SBP had bought $667m, with April's purchases down nearly $32m from the previous month.

On a year-on-year basis, April's purchases were higher than the $473m recorded in April 2025, an increase of around $162m, suggesting comparatively stronger inflow conditions versus the same month last year.

During the first ten months of fiscal year 2026 (July 2025–April 2026), the central bank purchased a cumulative net $7.109 billion from the market, compared with $6.660 billion during the same period of fiscal year 2025 (July 2024–April 2025), an improvement of approximately $449m on a year-on-year basis.

Purchases during FY26 so far have been heavily concentrated in September, October and December, each exceeding $1 billion, while July, August, January, February, March and April remained relatively subdued by comparison.

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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