The State Bank of Pakistan (SBP) purchased a record $9 billion from the local market in 2024 to boost the country’s foreign exchange reserves. This step was taken as foreign loans were not coming in as expected, according to SBP Governor Jameel Ahmad. Half of this amount, $4.5 billion, was bought in the second half of the year, showing increased efforts to stabilize the reserves. The SBP spent approximately Rs. 2.5 trillion for these purchases, based on current exchange rates.
These actions are part of the SBP’s plan to tackle economic challenges and maintain financial stability. By increasing foreign exchange reserves, the central bank aims to strengthen market confidence and provide protection against external financial pressures.