The Central Directorate of National Savings (CDNS) has set a saving target of Rs1.5 trillion for the current financial year.

The CDNS has achieved the target of issuing R240 billion fresh bonds in 2022-23 from July 1 to Sept 10, officials told WealthPK. They said the current market trend in the country and the ambitious target had been set to further improve the savings culture.

They said the CDNS had surpassed its annual target in previous fiscal year 2021-22 and set a record of Rs1,250 billion savings till June 30, 2022. For the first time in its history, the CDNS collected more than Rs1,000 billion fresh deposits and achieved the target of Rs1,250 billion by June 30, 2022.

The officials said the CDNS had set an annual gross receipt target of Rs980 billion from July 1 to June 30 of the previous fiscal year 2020-21 to promote savings in the country.

The senior officials said the CDNS had set Rs250 billion annual collection target from July 1 to June 30 for 2020-2021 compared to Rs352 billion for the previous year (2019-20) during the same period to enhance savings in the country. It had set R352 billion annual collection target for 2019-20 compared to Rs350 billion for the previous year (2018-19), they said.

The Directorate, they said, had reviewed and set a target of Rs 60 billion in 2022-23 for Islamic investment to introduce new products in the market. In the current financial year, the CDNS would achieve the investment target of Rs60 billion, he said. The CDNS entered the Islamic finance market and started to offer Islamic finance to its customers in August 2022.

Credit : Independent News Pakistan-WealthPk