Pakistan’s central bank reserves have crossed a line the country has not seen in years. Official holdings rose to a record $21.4 billion after Eurobond proceeds arrived, and the weekly increase was the largest since late June 2025.
The jump of $3.06 billion in a single week is not just a market headline. It changes the look of the external account and gives policymakers a thicker cushion than they had only a fortnight ago.
Why the Weekly Jump Stands Out
Reserves held by the State Bank climbed to $21.4 billion, their highest-ever level. The rise followed receipt of Pakistan’s Eurobond proceeds, supported by earlier purchases from the interbank market.
Total liquid reserves, including commercial banks, reached $26.8 billion. That is the strongest combined position since 10 September 2021, when the stock stood at $27.1 billion.
Import Cover Crosses a Key Threshold
The reserve build lifted import cover to 3.03 months, based on a three-month average of imports. That is the first clear move above the commonly cited three-month benchmark since August 2020.
For households and businesses, the number is less abstract than it sounds. A cover above three months is the buffer markets use to judge whether the country can keep paying for fuel, machinery, medicine, and raw materials without a sudden scramble.
What a Stronger Buffer Actually Means
A thicker reserve stock does not erase upcoming debt payments. It does, however, reduce the chance that every weekly outflow turns into a currency scare.
The next test is whether this level holds as repayments continue and imports recover. For now, the external liquidity position is firmer than it has been for most of the past six years.