KARACHI:

The central bank's foreign currency reserves rose $21 million to $14.357 billion in the week ended September 12, 2025, according to data released by the State Bank of Pakistan (SBP) on Thursday.

With this uptick, the country's total liquid foreign reserves stood at $19.736 billion. Out of this, commercial banks held $5.378 billion in net reserves.

Although the SBP's reserves are significantly higher than last year's $9.56 billion by this time, much of this build-up reflects IMF inflows and bilateral rollovers rather than self-sustained improvements through exports or investment. The reserve numbers look better, but the underlying flows show continuing fragility. Any delay in IMF reviews or bilateral support could quickly unravel stability.

The Real Effective Exchange Rate (REE

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