Moaaz Manzoor

Pakistan’s liquid foreign exchange reserves edged down to $21.3015 billion in the week ended February 13, 2026, but remained comfortably above the $21 billion mark, reflecting overall stability in the country’s external position.

Data released by the State Bank of Pakistan (SBP) on Thursday showed that reserves held by the central bank rose to $16.1969 billion during the week ended February 13, compared with $16.1778 billion a week earlier. However, reserves held by commercial banks declined to $5.1046 billion from $5.1969 billion over the same period. Consequently, total liquid foreign exchange reserves slipped from $21.3747 billion on February 6 to $21.3015 billion at the latest week-end.

The February 13 position follows a sustained buildup in reserves since the start of the calendar year. Total reserves stood at $21.1924 billion on January 2, 2026, and rose to $21.2484 billion by January 9. The upward trend continued with reserves reaching $21.2582 billion on January 16 and $21.2933 billion on January 23. By January 30, the figure had improved to $21.3387 billion before increasing further to $21.3747 billion in the week ended February 6.

The State Bank’s holdings continued to strengthen through January and early February. SBP reserves were recorded at $16.0557 billion on January 2 and rose to $16.0718 billion on January 9. They increased to $16.0877 billion on January 16 and $16.1011 billion on January 23, before rising to $16.1572 billion on January 30 and $16.1778 billion in the week ended February 6, followed by $16.1969 billion on February 13.

Commercial banks’ reserves remained broadly stable during January before easing in mid-February. They stood at $5.1367 billion on January 2 and increased to $5.1766 billion on January 9. After measuring $5.1705 billion on January 16, the level rose to $5.1922 billion on January 23 and settled at $5.1815 billion on January 30. It improved to $5.1969 billion in the week ended February 6 before declining to $5.1046 billion by February 13.

The latest week-end data follows a strong month-end performance in December 2025, when total liquid foreign exchange reserves increased to $20.7422 billion from $19.1356 billion at the end of November.

On a fiscal year basis, total liquid foreign exchange reserves stood at $9.1600 billion in FY2022-23, rose to $13.9963 billion in FY2023-24, and further improved to $19.2695 billion by the end of FY2024-25, underscoring the longer-term recovery in external buffers.

Credit: INP-WealthPk