Islamabad, Nov 29: CDNS Achieves Rs 560 Billion Milestone in Annual Savings Target. Aiming to issue Rs 560 billion in new bonds, the Central Directorate of National Savings (CDNS) met 33.94 percent of the yearly target for the current fiscal year, which runs from July 1 to November 27.
For the current Fiscal Year, 2024–2025, the CDNS has set an annual target of Rs 1650 billion to encourage the nation’s saving culture, a senior CDNS official informed APP on Friday. Similar to this, the CDNS has set a goal of investing Rs 170 billion in Islamic financing during the current fiscal year, which will help the nation’s Islamic economy expand.
In response to a query, he stated that during the most recent fiscal year 2023–24, which ran from July 1 to June 30, the CDNS exceeded 100% of the annual target and achieved a target of Rs1.742 trillion in new bonds.
This year, “We surpassed the 100 percent of the annual target,” which is optimistic given that National Savings has set an annual aim of Rs 1.7 trillion for 2023–2024. According to him, the CDNS exceeded the yearly goal and issued Rs 1.6 trillion in new bonds during the most recent fiscal year 2022–2023.
He claimed that compared to the target of Rs 1300 billion for the previous fiscal year 2021–2022, it was an additional Rs 200 billion each year. “Given the current market trend in the country, the ambitious target was set to further improve the savings culture,” he said, adding that the CDNS has set a reviewed saving target of Rs 1.4 trillion for the financial year 2021-22.
According to the official, CDNS was undergoing institutional adjustments, and new ideas and reforms were being implemented. Currently, CDNS has also implemented Automated Teller Machines (ATMs), which would offer users sufficient amenities,” he continued.
According to the official, the directorate has set a goal of Rs 75 billion for Islamic finance bonds in the upcoming fiscal year 2023–2024. Islamic finance currently plays a significant role in the global financial industry and accounts for a sizable portion of the economies of several major nations,” he continued.
