Pakistan’s dollar reserves just hit a new record. The State Bank of Pakistan (SBP) says its own reserves have climbed to an all-time high of $21.4 billion.
A big Eurobond sale helped push the number up. In the first week of September, Pakistan raised $3 billion through a bond sale abroad. The bonds came in two parts. One was worth $1.75 billion and matures in 5.5 years. The other was $1.25 billion, due in 10 years.
Investors wanted more than what was on offer. The bonds drew nearly $6 billion in bids, almost double the amount Pakistan sold.
SBP also bought dollars from the open market during the same period. Together, the bond money and these purchases lifted reserves past the bank’s own target.
The State Bank had aimed to reach $20.20 billion by December 2026. It has now crossed that mark three months early. This is not the first target SBP has beaten this year. It also passed its $18 billion goal for June 2026 ahead of schedule.
Commercial banks held close to $5.4 billion in reserves as of early September, based on the SBP’s last weekly report. Add that to the new $21.4 billion SBP figure, and the country’s total reserves come to roughly $26.8 billion.
SBP expects steady growth in remittances and exports to help keep reserves strong. It expects workers’ remittances to cross $44 billion this year, and exports to top $32 billion.
The bank did flag one risk. Rising oil prices and Middle East supply problems could still pressure reserves in the months ahead.
