The State Bank of Pakistan (SBP) purchased a net $667 million from the interbank foreign exchange market in March 2026, according to data released by the central bank's Domestic Markets and Monetary Management Department.

The latest intervention was lower than the $933 million purchased in February 2026, representing a month-on-month decline of nearly $266 million. On a year-on-year basis, March's purchases were also below the $860 million recorded in March 2025, reflecting comparatively softer foreign exchange inflows during the month.

Despite the moderation in March, the central bank's overall foreign exchange purchases have remained strong throughout the current fiscal year. During the first nine months of FY2025-26 (July 2025 to March 2026), the SBP purchased a cumulative $6.47 billion from the interbank market, exceeding the $6.19 billion acquired during the corresponding period of the previous fiscal year.

The data indicates that the bulk of the central bank's interventions occurred during September, October, December, and February, with each month recording foreign exchange purchases exceeding $1 billion. In contrast, July, August, and March witnessed relatively lower levels of market intervention.

According to the SBP, net foreign exchange intervention represents the difference between outright and swap purchases of foreign currency and outright and swap sales conducted with commercial banks in the interbank market.

The continued accumulation of foreign exchange from the interbank market reflects the central bank's strategy of strengthening external buffers during periods of improved dollar inflows, supporting foreign exchange reserves while maintaining orderly market conditions.