SBP Expects Reserves of $23 Billion by December
Governor Jameel Ahmed said the rise has come mainly from buying dollars in the market, not from new borrowing.
The State Bank of Pakistan expects foreign exchange reserves to reach $23 billion by December 2026 and $25 billion by June 2027, up from around $21.5 billion currently. The foreign exchange reserves targets are expectations, not balances the bank says it already holds.
Governor Jameel Ahmed said reserve growth has mainly come from dollar purchases in the market rather than new borrowing. The current level he is measuring from is around $21.5 billion.
Where the foreign exchange reserves growth is coming from
The path in the forecast is $21.5 billion now, $23 billion by December 2026, and $25 billion by June 2027. Ahmed's explanation is market purchases of dollars, not fresh borrowing. The update does not give a purchase amount or a borrowing figure for the period ahead.
Our verdict
The forecast adds about $1.5 billion by December 2026 and reaches $25 billion by June 2027, from around $21.5 billion today. Jameel Ahmed ties that growth to buying dollars in the market rather than to new loans.
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Frequently asked questions
What is the current reserve level?
Around $21.5 billion.
What does the State Bank expect by December 2026?
$23 billion.
What does it expect by June 2027?
$25 billion.
Where has the growth come from?
Governor Jameel Ahmed said it has mainly come from dollar purchases in the market, rather than new borrowing.
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