CDNS achieves Rs 700 billion savings target by first half of FY, 2024-25
ISLAMABAD: The Central Directorate of National Savings (CDNS) has achieved Rs 700 billion in fresh bonds during the first half of the current fiscal year, from July 1 to December 31, meeting 42.42% of its annual target.
A senior official from CDNS informed APP on Friday that the directorate has set an ambitious annual target of Rs 1,650 billion for the Fiscal Year 2024-25, aimed at encouraging a stronger savings culture across the country.Pakistan Strategy – Asset class returns of Pakistan in 2024Equites outperformed other asset classes
Additionally, CDNS has allocated a Rs 170 billion investment target in Islamic finance for the same fiscal year, which is expected to contribute to the expansion of the Islamic economy in Pakistan.
Reflecting on past achievements, the official noted that during the last fiscal year (2023-24), CDNS surpassed its annual target by realizing Rs 1.742 trillion in fresh bonds, exceeding 100% of its Rs 1.7 trillion goal. Similarly, in FY 2022-23, CDNS achieved Rs 1.6 trillion in fresh bonds, surpassing its previous target of Rs 1.3 trillion by Rs 200 billion.
In FY 2021-22, the directorate had set a revised target of Rs 1.4 trillion, which was successfully met, further promoting the culture of savings in Pakistan. These ambitious goals align with the market trends and the government’s commitment to enhancing national savings.
The official also highlighted ongoing institutional reforms within CDNS. Innovations such as the introduction of Automated Teller Machines (ATMs) are designed to improve user convenience and enhance service delivery.
For FY 2023-24, the directorate has set a Rs 75 billion target specifically for Islamic finance bonds. The official emphasized the growing significance of Islamic finance in the global financial landscape, with many leading economies incorporating it as a substantial part of their financial systems. CDNS aims to further develop this sector in Pakistan by introducing innovative approaches and new dimensions to Islamic finance.
