The Central Directorate of National Savings (CDNS) has issued Rs220 billion fresh bonds in the current fiscal year so far.

The Directorate has set an ambitious savings target of Rs1.5trillion for the current financial year (2022-23), said a senior official. “It is aimed at promoting the saving culture in the country,” he told WealthPK.

The CDNS, he said, had surpassed its annual target in the last fiscal year 2021-22. For the first time in its history, it had collected more than Rs1,000 billion fresh deposits and achieved the target of Rs1,250 billion by June 30, 2022.

The CDNS set an annual gross receipt target of Rs980 billion from July 1 to June 30 of the previous fiscal year to promote savings in the country. The senior official said the CDNS set an annual collection target of Rs250 billion for July 1 to June 30 last year compared to Rs352 billion in 2019-20.

The CDNS has reviewed and set a target of Rs60 billion in 2022-23 for Islamic investment to introduce the new products in the market. It entered the Islamic finance market in August 2022 and offers Islamic finance to its customers. The National Savings would work on Islamic Sharia bonds and certificates, he added.

Credit : Independent News Pakistan-WealthPk