'Pakistan can repay half of its foreign debt through gold'

Pakistan Tehreek-e-Insaf (PTI) leader Muzammil Aslam has claimed that Pakistan repay half of its foreign debt if we sell the house held and jewellers’ gold, ARY News reported. 

The PTI leader took to Twitter to present his solution to half of our foreign debt. Muzammil Aslam wrote, “Pakistan can repay half of its foreign debt through gold.”

He wrote that if each Pakistani female holds 10-gram gold on average, then Pakistan has 1200 tons of gold. With 5 gram average of 600 tons. With a 1 gram average of 120 tons. “Which number do you pick?”, he added.

Muzammil said that there are about 40,000 jeweller shops operating in the country. If each shop holds 1 kg gold then it is estimated to have 40 tons of gold posses by Goldsmiths.

Also Read: Muzammil Aslam says country witnessing ‘economic curfew’

The PTI added that if one ton of the precious metal costs $58mn. Then each 100-ton worth is $5.8bn. Assuming we have 1200 tons, then the value is $69.6bn, 600 tons then $34.8 if 120 tons the $6.96. Goldsmith alone holds 40 tons which is $2.32bn. Pakistan can repay half of its foreign debt through gold.

Gold Rate

The precious metal rates in Pakistan on Tuesday moved up despite the appreciation of the rupee against the US dollar, ARY News reported.

According to the All-Pakistan Jewellers Manufacturers Association, the price surged by Rs2,150 per tola to settle at Rs148,450.

Similarly, the price of 10 grams jacked up by Rs1,843 to settle at Rs127,272 per 10 grams.