Pakistan faces significant pressure on its foreign currency position as major external obligations approach maturity. The latest State Bank of Pakistan liquidity report projects a net outflow of $24.28 billion. The projected outflows include maturing foreign currency loans, securities and deposits. Therefore, the figures highlight the importance of maintaining sufficient reserves and securing steady external inflows.
Majority of Outflows Due Within One Year
The largest portion falls into the more-than-three-month to one-year maturity bracket. This segment accounts for $15.63 billion of the projected outflows.
Meanwhile, Pakistan faces $6.68 billion in obligations within one month. Another $1.97 billion will fall due between one and three months.
Principal repayments account for $20.64 billion of the total amount. Of this figure, $12.90 billion falls within the three-month to one-year maturity period.
Interest payments add another $3.64 billion to the overall burden. Around $2.74 billion of those payments fall into the longest maturity bracket.
Pakistan’s forward and futures positions also show a net shortfall of $881 million. Short positions stand at $2.17 billion, while long positions provide a partial offset of $1.29 billion.
Pakistan Holds $27.96 Billion in Reserves
Despite these obligations, Pakistan’s official reserve assets stood at $27.96 billion as of June 30, 2026. Foreign currency reserves in convertible currencies made up $15.65 billion.
Securities accounted for $3.21 billion of those holdings. Meanwhile, gold reserves stood at 2.084 million fine troy ounces, valued at $8.39 billion.
Currency and deposits represented another $12.44 billion. Of this amount, $6.55 billion remained with other central banks, the Bank for International Settlements and the IMF.
Additionally, $5.87 billion was held with banks outside the reporting country. Domestic banks’ foreign branches held another $13.57 million.
External Liabilities Remain a Key Concern
Pakistan also held $296.67 million in Special Drawing Rights and $3.62 billion in other reserve assets. Its IMF reserve position stood at $0.16 million. Beyond official reserves, the country held another $123.73 million in foreign currency assets.
Overall, the figures underline continued pressure on Pakistan’s external account. Consequently, timely rollovers, stronger inflows and careful liability management remain essential for maintaining reserve adequacy.
