The Central Directorate of National Savings (CDNS) achieved the target of issuing Rs800 billion in fresh bonds during the current fiscal year (2022-23) from July 1 to February 6. According to information available with WealthPK, the CDNS has set a reviewed savings target of Rs1.3 trillion for the current financial year which will promote the savings culture in the country.

The CDNS surpassed its annual target in the previous fiscal year and set a historic record of Rs1.250 trillion in savings till June 30, 2022. The CDNS had set a Rs250 billion annual collection target from July 1 to June 30 for the fiscal year 2020-2021 compared to Rs352 billion for the previous year (2019-20), while the target was Rs350 billion for 2018-19.

The CDNS reviewed and set a target of Rs60 billion during the fiscal year (2022-23) for Islamic investment to introduce the new products in the market. It is confident to achieve the target.

The directorate has digitalised the National Savings Certificates (NSCs) for the convenience of consumers and to modernise the institutional process. The CDNS and the Central Depository Company of Pakistan (CDCP) have also signed an agreement to start a pilot project for the digitalisation of the NSCs. This is expected to increase investment in National Savings and boost consumer confidence.

Credit: Independent News Pakistan-WealthPk