Pakistan's foreign exchange reserves have climbed to a record high of more than $26.8 billion, the State Bank of Pakistan (SBP) reported on Thursday — a remarkable turnaround at a time when the Gulf war has shaken weaker economies and pushed oil prices into uncertainty.
According to the central bank, the country's total reserves reached $26.864 billion, up $110 million from $26.754 billion a week earlier. The State Bank's own reserves rose by $39 million during the week, while commercial banks added $70 million, showing that inflows into the country were stronger than outflows.
The recovery is even more striking when seen over a longer period. The Gulf war began on February 28, jolting economies across the region, including Pakistan's. Yet since then the State Bank has added more than $5 billion to its reserves. Its holdings stood at $16.568 billion in February and had risen to $21.568 billion by October 30.
The financial sector considers the current level of reserves sufficient to keep the exchange rate stable. A stable rupee encourages exporters to bring their export earnings back home without delay and gives importers confidence to plan their purchases.
However, the picture is not without challenges. Currency experts believe the rupee is overvalued, which makes dollars cheaper for importers — and that is one reason the trade deficit keeps widening every month. During July to October of the current fiscal year (FY27), the trade deficit reached $14.6 billion, with imports of $26 billion against exports of only $11.4 billion.
Experts also point out that the exchange rate is being kept stable at the expense of remittances sent home by overseas Pakistanis. Remittances have been rising every year, but there is still no clear policy to use them productively; instead, they are largely used to fill the trade gap.
For now, the record reserves are a strong signal of economic stability. The real test will be whether Pakistan can turn this cushion into lasting strength — by boosting exports, managing imports, and putting remittances to better use.
Sources: Dawn (6 November 2026); State Bank of Pakistan.
Pakistan ke foreign exchange reserves record $26.8 billion se zyada ho gaye hain, State Bank of Pakistan (SBP) ne Thursday ko bataya — ye aik bari kamyabi hai, khaas tor par us waqt jab Gulf war ne kamzor economies ko hila diya hai aur oil ki qeematein ghair yaqeeni hain.
Central bank ke mutabiq, mulk ke kul reserves $26.864 billion tak pahunch gaye, jo pichle hafte ke $26.754 billion se $110 million zyada hain. Is hafte mein State Bank ke reserves mein $39 million ka izafa hua, jabke commercial banks ke reserves $70 million barhe — is se zahir hota hai ke mulk mein aane wali raqam bahar jaane wali raqam se zyada thi.
Ye behtari lambi muddat mein aur bhi numayan hai. Gulf war 28 February ko shuru hui thi, jis ne Pakistan samait poore ilaqe ki economies ko jhatka diya tha. Is ke bawajood State Bank ne tab se apne reserves mein $5 billion se zyada ka izafa kiya hai. February mein is ke reserves $16.568 billion the, aur 30 October tak ye $21.568 billion ho chuke the.
Financial sector ke mutabiq, reserves ki ye satah exchange rate ko stable rakhne ke liye kaafi hai. Stable rupee exporters ko apni kamai wapas lane ki targheeb deta hai aur importers ko aitmad deta hai.
Lekin challenges bhi maujood hain. Currency experts ka kehna hai ke rupee overvalued hai, jis se importers ko saste dollar milte hain — aur yehi wajah hai ke trade deficit har mahine barh raha hai. Is fiscal year (FY27) ke July se October tak trade deficit $14.6 billion tak pahunch gaya, jabke imports $26 billion aur exports sirf $11.4 billion rahin.
Experts ye bhi kehte hain ke exchange rate ko stable rakhne ki qeemat overseas Pakistanis ki remittances se ada ki ja rahi hai. Remittances har saal barh rahi hain, lekin unhe behtar tareeqe se istemal karne ki koi wazeh policy abhi tak nahi hai; unhe zyada tar trade gap bharne ke liye istemal kiya jata hai.
Filhal, record reserves economic stability ka aik mazboot ishara hain. Asal imtihan ye hoga ke kya Pakistan is cushion ko mustaqil taqat mein badal sakta hai — exports barha kar, imports ko manage kar ke, aur remittances ko behtar tareeqe se istemal kar ke.
Sources: Dawn (6 November 2026); State Bank of Pakistan.
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