CDNS achieve Rs740bn through fresh bonds by January 8

ISLAMABAD (National Times) – The Central Directorate of National Savings (CDNS) on Tuesday achieved the target of issuing Rs 740 billion in fresh bonds in the current fiscal year 2022-23 from July 01 to January 8, 2023.

The CDNS has set a reviewed saving target of Rs 1.3 trillion for the current financial year (2022-23) which will “promote the savings culture in the country”, a senior CDNS official said.

In view of the current market trend in the country, the ambitious target had been set to further improve the savings culture, he said.

Responding to a question, he said the CDNS surpassed its annual target in the previous fiscal year 2021-22 and set a historic record of Rs 1,250 billion in savings till June 30, 2022.

For the first time in its history, CDNS crossed Rs 1,000 billion in fresh deposits and achieved the target of Rs 1,250 billion by June 30, 2022.

He said CDNS had accomplished the target of issuing Rs 1,250 billion in fresh bonds from July 1, 2021, to June 30, 2022. It had set an annual gross receipt target of Rs 980 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 Rs 250 billion annual collection target from July 1 to June 30 for the year 2020-2021 as compared to Rs 352 billion during the same period for the previous year (2019-20) to enhance savings in the country.

The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year (2018-19), he added.

Replying to another query, he said CDNS had reviewed and set a target of Rs 60 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 Rs 60 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.

National Savings would work on Islamic Sharia bonds and certificates to give opportunities to their customers in Islamic finance, the official highlighted.