ISLAMABAD (APP) - The Central Directorate of National Savings (CDNS) has achieved a target of Rs1400 billion in fresh bonds and achieved 82 percent of the annual target in the current fiscal year, from July 1 to May 5th.
The National Savings has set an annual target of Rs1742 billion for the year 2023-24, in which it is encouraging that 82 percent of the target has been achieved, and it is hoped that National Savings will surpass its annual target this FY 2023-24, the senior official of CDNS told APP on Thursday.
The CDNS surpassed the annual target and achieved the target of Rs1.6 trillion in fresh bonds in the current fiscal year, he said. He said this was an Rs200 billion additional annual target than the target of Rs 1300 billion for the previous financial year 2021-22.
The CDNS has set a reviewed saving target of Rs1.4 trillion for the financial year (2021-22) which will promote savings culture in the country,” he said. Given the current market trend in the country the ambitious target had been set to improve the savings culture further, he added.
The official said that work was being done on institutional reforms in CDNS and new reforms and innovations were being introduced. At this time Automated Teller Machine (ATM) has also been introduced in CDNS which will provide enough facilities to the users,” he added.
The official added that the directorate had set a target of Rs75 billion for the new financial year 2023-24 for Islamic finance bonds. Replying to a question; he said the CDNS aimed to introduce new dimensions in the Islamic finance sector.
Islamic finance has a very important role in the global financial sector at this time and a large part of the economy of many major countries currently includes Islamic finance,” he added.