ISLAMABAD: The Central Directorate of National Savings (CDNS) surpassed the yearly target of Rs 1.6 trillion in new bonds in the previous fiscal year.
“The CDNS has set a new saving target of Rs 1.4 trillion for the current financial year (2022-23), which will “encourage the savings culture in the country,” a senior CDNS official said Monday.
He said the goal to promote the savings culture further had been set in light of the country’s current market trend. In response to a query, he stated that the CDNS had surpassed its yearly target in the previous fiscal year and had established a record of Rs. 1,250 billion in savings till June 30, 2022. To encourage saving in the country, it had set a target annual gross reception of Rs 980 billion for the prior fiscal year 2020–21.
To increase savings in the country, the senior official stated, the CDNS had set a Rs 250bn yearly collection target from July 1 to June 30 for the year 2020–2021 as opposed to Rs 352bn during the same time the year before (2019–20). According to him, the CDNS had set annual collection target of Rs 352bn for 2019–20 instead of Rs 350bn for the last fiscal year (2018–19).
In response to another question, he stated that CDNS has examined the situation and set a target of Rs 70 billion for Islamic investment for the fiscal year (2022-23) to launch new products into the market. He insisted CDNS hit its Rs 70 billion investment record in the fiscal year.
He said that last week, an agreement to launch a pilot project for the digitalization and dematerialization of NSCs was inked by the CDNS and the Central Depository Company of Pakistan Limited (CDCP). —APP
