SBP’s net FX purchases rise to $8bn in FY26

September 28, 2026 (MLN): The State Bank of Pakistan (SBP) increased its net foreign exchange purchases from the interbank market by 5.5% to $8.104 billion in FY26, compared with $7.684 billion in the preceding fiscal year, according to data released by the central bank.

The data shows that the SBP remained a net buyer of foreign exchange throughout FY26, purchasing a total of $8.104bn from banks through outright and swap transactions.

SBP's net FX intervention is defined as outright and swap purchases of foreign exchange minus outright and swap sales by the central bank from or to banks in the interbank foreign exchange market.

The increase in intervention came despite considerable month-to-month fluctuations in the volume of purchases.

In FY26, the SBP's monthly net FX purchases ranged from $154 million in May 2026 to $1.033 billion in October 2025.

The central bank's purchases were particularly high during the first half of FY26. It bought $189m in July 2025, followed by $257m in August, before purchases jumped to $1.023bn in September and $1.033bn in October.

Purchases moderated to $620m in November, before rising again to $1.024bn in December 2025.

During the second half of FY26, the SBP purchased $728m in January 2026, $933m in February, and $667m in March.

The pace subsequently eased to $635m in April and just $154m in May, before rebounding sharply to $841m in June 2026.

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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