CDNS attains Rs 600 billion mark in annual savings target

ISLAMABAD: The Central Directorate of National Savings (CDNS) has successfully met a target of Rs 600 billion in fresh bonds, achieving 36.36 percent of its annual goal for the current fiscal year, from July 1 to December 20.

For the fiscal year 2024-25, CDNS has set an annual target of Rs 1650 billion, aiming to promote a culture of saving in the country, Govt Plans Subsidy up to Rs 0.2M on electric wheelers

Additionally, CDNS has set a target of Rs 170 billion for investments in Islamic finance during the current fiscal year, which is expected to contribute to the growth of the Islamic economy in Pakistan.

In response to a question, the official mentioned that CDNS had surpassed its target for the previous fiscal year 2023-24, reaching Rs 1.742 trillion in fresh bonds and exceeding 100 percent of the annual target, which ran from July 1 to June 30.

For the fiscal year 2023-24, National Savings had set a target of Rs 1.7 trillion, and the official noted that surpassing this target was a positive development.

CDNS also exceeded its target for fresh bonds in the fiscal year 2022-23, achieving Rs 1.6 trillion, which was an additional Rs 200 billion compared to the Rs 1300 billion target set for the previous year (2021-22).

For the 2021-22 financial year, CDNS had revised its savings target to Rs 1.4 trillion, aiming to further cultivate a savings culture in the country. The ambitious target was set in response to the current market trends, with hopes of fostering improved savings behavior.

The official also highlighted ongoing institutional reforms within CDNS, mentioning the introduction of Automated Teller Machines (ATMs) to enhance user convenience.

For the fiscal year 2023-24, CDNS has set a target of Rs 75 billion for Islamic finance bonds, with plans to introduce new innovations in the Islamic finance sector. The official emphasized the growing importance of Islamic finance in the global financial system, noting that many major economies now incorporate it as a significant part of their financial framework.