SBP's FX purchases slump to $154m in May

Mettis Global reported that the State Bank of Pakistan picked up $154m of foreign currency through interbank trades in May 2026, using figures issued by its Domestic Markets & Monetary Management Department. That was a sharp drop from the $635m bought in April, a fall of $481m and the smallest monthly total since January 2025. Against May 2025, when purchases reached $522m, the latest number was roughly $368m lower.

The period from July 2025 to May 2026, covering eleven months of FY26, saw net central bank purchases of $7.263 billion. That compares with $7.182 billion in the same stretch of fiscal year 2025, an increase of roughly $81m. Most FY26 buying came in September, October and December, when each month exceeded $1 billion, while the remaining months were far more modest.

The central bank's measure of net FX intervention deducts its sales to banks from its purchases, counting outright deals and swap deals alike in the interbank market.