The State Bank of Pakistan (SBP) aims to achieve a profit of Rs2.4 trillion for the fiscal year ending June 2025. Governor Jameel Ahmad confirmed that the bank is on track to meet this target after a recent briefing following the decision to keep interest rates unchanged.
Last year, the SBP recorded a historic profit of Rs3.42 trillion, helped by high interest rates and exchange rate gains. The FY25 profit will be transferred to the government after audit and approval, and it will be included in the budget for FY26.
Despite geopolitical tensions, especially the conflict between Israel and Iran, the SBP maintained its growth forecast. It expects the country’s economy to grow by 4.2 percent in FY25, driven mainly by the industrial and services sectors, though challenges remain in agriculture.
Governor Ahmad also shared updates on external debt repayments, stating that Pakistan will repay $25.8 billion in FY25. Around $400 million remains to be paid within two weeks, and similar repayments are expected in FY26, with more details to come in July.
The SBP is targeting foreign exchange reserves of $14 billion by June 2025. It also projects a current account surplus for FY25, supported by expected remittances of $38 billion, up from $31.3 billion last year, due to more money coming through formal channels.
Furthermore, the SBP confirmed it has already exceeded its net international reserves target under the IMF program for December 2024. Open market operations are likely to decrease soon as fresh inflows start to arrive, signaling positive economic momentum ahead.