State Bank of Pakistan’s Foreign Reserves Surge $13 Million to $17.04 Billion, Exceeding Commercial Bank Holdings, Says Central Bank.

The State Bank of Pakistan (SBP) reported that its foreign exchange reserves increased by $13 million during the week ended July 31, 2026, bringing them to $17.04 billion. Total liquid foreign currency held in the country was $22.47 billion at the end of July. The SBP’s share was $17.04 billion, while commercial banks held $5.43 billion. The central bank said it did not explain the increase. Arif Habib Limited posted on X that Pakistan’s total foreign exchange reserves rose $32.5 million to $22.5 billion, and that commercial banks’ reserves went up $19.4 million to $5.4 billion. The post added that the SBP’s foreign holdings cover 2.51 months of imports. SBP Governor Jameel Ahmad said the bank bought about $9 billion on the open market last fiscal year to support reserves. He added that purchases over the last three years sum to $28 billion. In its recently released monetary policy statement, the central bank said workers’ remittances are expected to grow and will continue to fund a projected higher trade deficit. With improved official and private inflows, it aims to raise reserves to $20.20 billion by the end of December 2026. In the precious metals market, gold price rose to Rs11,300 per tola, a $449,236 per tola value, and reached a seven‑week high earlier in the week. Later, gold slipped after oil markets reacted to Iran’s review of restrictions on vessels in the Strait of Hormuz. Spot gold fell 0.3% to $4,233.64 per ounce by 1640 GMT.