Opinion
Record Reserves Are Welcome. The Real Test Is Exports
Bilal Javed on why record reserves of $26.9bn do not settle Pakistan's economic story: the trade gap, the debt and the export target all point to the same test.
State Bank of Pakistan
State Bank of Pakistan: 8 The Indus Compass stories. Latest: Record Reserves Are Welcome. The Real Test Is Exports. Key developments, background and analysis.
8 stories on State Bank of Pakistan since 27 September 2026; the latest was published on 7 November 2026.
Key developments
- Record Reserves Are Welcome. The Real Test Is ExportsTotal reserves hit a record $26.86bn, and the State Bank added about $5bn since the Gulf war began, a real achievement.
- Record reserves of $26.9bn, but external debt has doubled in a decadePakistan's total foreign exchange reserves rose to a record $26.864bn in the week to the latest State Bank report, up $110m on the week before.
- PM Shehbaz tells SBP to show banks no leniency on SME and farm loansThe PM said no leniency should be shown to banks that are slow in lending to farmers, SMEs and Apna Ghar Scheme borrowers.
- Pakistan weighs tokenising its Eurobond debt, finance minister saysFinance Minister Muhammad Aurangzeb said the government is reviewing tokenising its existing Eurobond debt and awaits cabinet approval before issuing a request for proposals.
- Analysts split on SBP rate call with inflation seen at 10pc in OctoberGrowth Securities projects October inflation at 10pc, driven by electricity, petrol and food prices.
Economy
Record reserves of $26.9bn, but external debt has doubled in a decade
Pakistan's total foreign exchange reserves hit a record $26.86bn, but the World Bank says external debt rose from $68.7bn in 2015 to $135.1bn in 2025.
Economy
PM Shehbaz tells SBP to show banks no leniency on SME and farm loans
PM Shehbaz Sharif told the SBP and finance ministry not to go easy on banks that are slow lending to farmers, SMEs and Apna Ghar borrowers.
Economy
Pakistan weighs tokenising its Eurobond debt, finance minister says
Finance Minister Aurangzeb said Pakistan is reviewing tokenising its existing Eurobonds and will seek cabinet approval before inviting proposals.
Economy
Analysts split on SBP rate call with inflation seen at 10pc in October
Growth Securities expects 10pc inflation in October and a 50-100bps rate rise on October 26, while AKD Securities sees the State Bank holding rates.
Markets
PSX extends recovery to reclaim 166,000; SBP reserves rise
The KSE-100 rose 768.66 points to 166,186 as buying returned to index-heavy stocks, while SBP reserves rose $16m to $21.469bn in the week to October 9.
Economy
State Bank to start clearing cheques by image from October 15
The State Bank of Pakistan will pilot clearing cheques by electronic image instead of paper from October 15, with a nationwide rollout due by April 2027.
Trade
Pakistan's trade deficit with Gulf countries widens as energy imports climb
The trade gap with Gulf partners grew 2.6pc to $3.45bn in July–August as imports from Qatar, Kuwait, Bahrain and Saudi Arabia surged while several export markets shrank.