ISLAMABAD: The Central Directorate of National Savings (CDNS) has met the target of Rs120 billion in new bonds and achieved 7.2 percent of the annual target in the first months of the current fiscal year, from July 1 to July 31.
The Central Directorate of National Savings (CDNS) has set an annual target of Rs 1,650 billion for the current fiscal year 2024-25, which will promote a savings culture in the country, a senior CDNS official told APP here on Friday.
Similarly, CDNS has set a target of Rs 170 billion in Islamic finance investment for the current fiscal year, which will lead to the growth of the Islamic economy in the country.
Responding to a question, he said the CDNS had met the target of Rs 1.742 trillion in fresh bonds and crossed 100 percent of the annual target in the last fiscal year 2023-24, from July 1 to June 30.
National Savings has set an annual target of Rs 1.7 trillion for 2023-24; it is encouraging that this year “we surpassed 100 percent of the annual goal.”
The CDNS surpassed the annual target and achieved the target of Rs 1.6 trillion in fresh bonds in the previous fiscal year 2022-23, he said.
He said this is an additional annual target of Rs 200 billion over the target of Rs 1,300 billion for the previous financial year 2021-22.
CDNS has set a revised savings target of Rs 1.4 trillion for the financial year (2021-2022) which will promote a savings culture in the country, he said, adding that given the current market trend in the country, this ambitious target has been set to foster a savings culture continued to improve.
The official said institutional reforms are being worked on in the CDNS and new reforms and innovations are being introduced. Currently, an automated teller machine (ATM) has also been introduced in CDNS, which will provide enough facilities to users,” he added.
The official added that the directorate has set a target of Rs 75 billion for the new financial year 2023-24 for Islamic finance bonds. The answer to the question; said that CDNS aims to introduce new dimensions in the Islamic finance sector. finance currently has a very important role in the global financial sector and a large part of the economy of many major countries now includes Islamic finance,” he added.
