State Bank Of Pakistan'S Dollar Purchases Slow Amid Rising Imports

As of February 2026, the State Bank of Pakistan (SBP) has become a net buyer in the foreign exchange market, purchasing a total of $11.38 billion since June 2024. However, recent data indicates that dollar purchases have slowed during the first five months of the fiscal year 2025-26, with a total of approximately $3.122 billion bought from July to November, down from $4.414 billion in the same period the previous year. This slowdown comes amidst rising import demand, which increased to $28.133 billion, up from $24.998 billion in the corresponding period in 2024. SBP Governor Jameel Ahmad emphasized that these timely dollar purchases have helped avoid excessive foreign borrowing at higher interest rates, allowing Pakistan to meet its external debt obligations on time and increasing foreign exchange reserves fivefold over the past two and a half years.