Central financial institution holdings rise $13m as whole deposits attain $21b; 2026 begins with softer bullion costs
KARACHI:
Pakistan’s liquid international alternate reserves noticed a modest improve within the remaining week of 2025, with the State Financial institution of Pakistan (SBP) reporting a $13 million rise in its holdings.
As of December 26, 2025, the SBP’s international foreign money reserves stood at $15.915 billion, up from $15.902 billion within the earlier week. Internet reserves held by industrial banks dipped barely to $5.097 billion, leading to whole liquid international reserves of $21.012 billion.
This brings the nation’s import cowl to an estimated 3.2 months, offering a secure buffer amid ongoing exterior funds and debt obligations, in keeping with AKD Securities.
Over the previous three years from 2023 to 2025, the SBP’s reserves have proven a profound transformation, transferring from the brink of disaster to a place of notable restoration and stability. In early 2023, the reserves plummeted to critically low ranges, dipping under $3 billion in February, barely sufficient to cowl just a few weeks of imports, amid excessive debt repayments, stalled exterior financing, and extreme balance-of-payments pressures that introduced the nation perilously near sovereign default. This nadir mirrored years of structural challenges, together with elevated import payments and restricted inflows, with import cowl falling under one month at its worst.
The turning level got here in mid-2023 with the approval of a nine-month, $3 billion Stand-By Association from the IMF in July, supplemented by bilateral assist from allies like Saudi Arabia, the UAE, and China, alongside improved remittances and export efficiency. The reserves started a gradual climb, reaching round $4.5 billion by June 2023 and roughly $8-9 billion by year-end, steadily enhancing import cowl and easing fast liquidity dangers.
In the meantime, gold costs in Pakistan edged decrease on Thursday, monitoring losses within the world bullion market. Within the home market, the value of gold per tola fell by Rs2,400 to settle at Rs454,562.
