The Central Directorate of National Savings (CDNS) remained successful in issuing new bonds totalling Rs. 740 billion in the current fiscal year 2022–23, from July 1 to January 8. A senior official told media that the CDNS has raised its savings objective for the current fiscal year (2022-23) to Rs 1.3 trillion in order to support the country's savings culture. He continued by saying that the country's current market trend has led to the ambitious objective of further advancing the savings culture.

In response to a question, he said that during the previous fiscal year 2021–2022, the CDNS surpassed its annual goal and set a record for savings of Rs 1,250 billion up until June 30, 2022. For the first time in its history, the CDNS received more than Rs 1,000 billion in fresh deposits and reached its Rs 1,250 billion target, he added. He stated that in order to promote savings in the country, the CDNS has set an annual gross receipt target of Rs 980 billion from July 1 to June 30 of the previous financial year 2020-21.

The official said that the CDNS has set a Rs 250 billion annual collection target from July 1 to June 30 for the year 2020–2021 as opposed to Rs 352 billion during the same period the year before (2019-20) in order to enhance savings in the country. The CDNS had a target of Rs 352 billion for the 2019–20 fiscal year, which was more than the Rs 350 billion collected in the previous fiscal year (2018–19), he added.

In answer to another query, he said CDNS has assessed the circumstances and set a target of Rs 60 billion for Islamic investment for the fiscal year (2022-23) in order to introduce the new items to the market. He said that the CDNS is now offering Islamic finance to its clients after entering the market for Islamic financing in August 2022. In order to give its customers options in Islamic finance, the National Savings will work on Islamic Sharia bonds and certificates, the official said.

Credit : Independent News Pakistan-WealthPk