Islamabad: The Central Department of National Savings (CDNS) has reached its new bond target of $1,500 billion and has achieved 85 percent of its annual target from July 1 to May 15 this fiscal.
National Savings has set an annual target of $1.742 billion for 2023-24, 85 percent of which is pushing to reach this target, and National Savings is expected to exceed its annual target in FY2023. 24, a senior CDNS official told APP on Monday.
CDNS exceeded its annual target, with $1.6 trillion in new bonds this fiscal year. He said this is $200 billion annually, up from $1,300 billion for the 2021-22 fiscal year. CDNS has set a savings target of $1.4 trillion for the financial year (2021-22) which will foster a culture of savings in the country, he said.
Officials said that institutional reforms are underway in CDNS and new reforms and innovations are being introduced. Today, CDNS has introduced automated teller machines (ATMs), which provide enough convenience to users,” he said.
The official said the department has set a target of $75 billion for Islamic finance bonds for the new financial year 2023-24. Answer questions; He said, CDNS aims to introduce new standards in the field of sharia finance.
“Islamic finance plays an important role in the global financial sector today, and now a large part of the economy of many countries is covered by Islamic finance,” he said.
