The Central Directorate of National Savings (CDNS) has realised the target of issuing Rs760 billion in fresh bonds from July 1, 2022 to January 25, 2023. The CDNS had set a revised saving target of Rs1.3 trillion for the current financial year 2022-23 to help promote the savings culture in the country in view of the current market trends, a senior CDNS official said, reports WealthPK.

He said the CDNS surpassed its annual target in the previous fiscal year 2021-22, which was set at a historic Rs1,250 billion. For the first time in its history, CDNS crossed the Rs1,000 billion in fresh deposits and achieved the target of Rs1,250 billion by June 30, 2022, the official added, saying that CDNS had set an annual gross receipt target of Rs980 billion from July 1 to June 30 of the previous financial year 2020-21 to promote savings in the country.

The senior official said the CDNS had set a Rs250 billion annual collection target from July 1 to June 30 for the year 2020-21 as compared to Rs352 billion in 2019-20 to enhance savings in the country. The CDNS had set a Rs350 billion target for the year 2018-19, he added. The official said CDNS had reviewed and set a target of Rs60 billion in the fiscal year 2022-23 for Islamic investment to introduce the new products in the market.

In the current financial year, CDNS would achieve the investment target of Rs60 billion, he maintained. He added that the CDNS had entered the Islamic finance market in August 2022, and was offering Islamic finance to its customers. CDNS would work on Islamic Sharia bonds and certificates to give opportunities to their customers in Islamic finance, the official highlighted.

Credit: Independent News Pakistan-WealthPk