Reserves cross $23b on commercial loan

According to The Express Tribune, Pakistan's liquid foreign exchange reserves moved above $23 billion after a steep weekly rise at the State Bank of Pakistan (SBP). The increase came from proceeds of a government commercial loan, which the SBP said fully explained its own holdings climbing $1,210 million in the week ended September 4. The central bank did not disclose the lender, tenor or terms of the borrowing.

Total liquid reserves reached $23.7 billion on September 4, 2026, with $18.3 billion held by the SBP and $5.4 billion kept by commercial banks. In the currency market, the rupee finished at 277.35 per US dollar, a gain of Rs0.01. Gold prices also eased on Thursday, moving with a global selloff. Silver followed gold lower locally, with its tola price down Rs17 at Rs7,124.

The All-Pakistan Gems and Jewellers Sarafa Association said 24-karat gold lost Rs600 to Rs462,336 per tola, while ten-gram gold slipped Rs515 to Rs396,378. Reuters put spot gold 1% lower at $4,355.85 an ounce at 1:42 pm EDT, having dipped earlier to a day's low of $4,323.78. Market-implied odds of a September Fed hike rose to about 70% after US August producer prices matched forecasts, with energy costs a major factor. Attention now turns to the US inflation print on Friday and the Fed's policy meeting on September 15 and 16.