Every figure on this site, with its source, its date, and what is and is not shown.
Every number on this site is listed here with its source and the date it was verified. Where a figure comes from Tranchco’s own engine, that is stated; where a method is proprietary, the page says what is public and what is available on request rather than implying more than has been shown.
97.7% of depreciation inside 30-day windows; 90% of volatility episodes calm within nine days.
Data: State Bank of Pakistan daily USD/PKR reference rate, 2000 to 2025. The first statistic measures what share of the rupee’s total depreciation over the period occurred inside 30-day windows identified as crisis episodes; the second measures how quickly volatility episodes returned to calm. Both are from Tranchco’s regime analysis and are published in The Calm Regime (July 2026). The window-identification rule and the attribution method are set out in that paper, which is shared with qualified readers on request, together with a methodology note and the underlying series. They are not reproduced here because they are also the basis of the engine’s regime classification.
71.01% at end-1999; 57.13% at 2026 Q1.
Source: IMF Currency Composition of Official Foreign Exchange Reserves (COFER), share of allocated reserves, year-end values; 2026 Q1 is the latest release at the time of writing, with 2026 Q2 due 1 October 2026. Verified 15 September 2026.
| Year-end | USD share, % | Year-end | USD share, % |
|---|---|---|---|
| 1999 | 71.01 | 2013 | 61.72 |
| 2000 | 69.74 | 2014 | 62.68 |
| 2001 | 70.78 | 2015 | 64.15 |
| 2002 | 64.94 | 2016 | 64.68 |
| 2003 | 63.53 | 2017 | 62.71 |
| 2004 | 63.32 | 2018 | 62.07 |
| 2005 | 64.89 | 2019 | 61.32 |
| 2006 | 63.67 | 2020 | 59.53 |
| 2007 | 62.6 | 2021 | 59.4 |
| 2008 | 62.87 | 2022 | 58.95 |
| 2009 | 62.19 | 2023 | 58.98 |
| 2010 | 61.94 | 2024 | 58.52 |
| 2011 | 62.51 | 2025 | 56.77 |
| 2012 | 61.84 | 2026 Q1 | 57.13 |
Reserve composition at market value, end-2025: gold 27%, US Treasuries 22%, euro 15%; end-2024: gold 20%, euro 16%. Source: ECB, The international role of the euro, June 2026. Verified 15 September 2026.
Dollar credit to non-banks outside the United States: $14.3 trillion at end-2025, up 8.5% year on year, the fastest since 2014; $13.2 trillion at 2025 Q1. Source: BIS global liquidity indicators. Verified 29 August 2026.
US 3-month Treasury bill 4.25%, 9 October 2026, US Treasury daily yield curve. Pakistan 3-month T-bill cut-off 11.9944%, State Bank of Pakistan auction of 30 September 2026. Nigeria 91-day NTB stop rate 15.50%, auction of 7 October 2026. Egypt and Turkey are shown as policy-rate anchors, 19% and 37%, Trading Economics, September 2026. The full table, with instrument stated for each, is on the yields page.
The PARK engine has been run against 39 months of Pakistani market data (July 2022 to October 2025, 817 trading days, spanning two IMF programmes, a sovereign near-crisis and the 2023 rupee adjustment) and eight years of Turkish data (April 2018 to April 2026, spanning two lira crises and the 2023 devaluation). Benchmarks are pinned: an engine change that would move any historical NAV by one basis point fails the regression suite. Results, methodology and the event ledger are shared with qualified institutional counterparties under NDA; request access.
Historical and engine figures are not indicative of future performance. Market figures are as of the dates shown and are refreshed at publication. Nothing on this page is an offer or a solicitation.