INP-WealthPk
CDNS on track to meet its Rs1.5tr savings target
September 24, 2022
The Central Directorate of National Savings (CDNS) seems on track to meet its target of Rs1.5 trillion for the current financial year 2022-23 as it has already issued fresh bonds worth Rs280 billion during the first two and a half months of the fiscal. This is in line with the CDNS’ ambitious plan to promote the savings culture in the country, reports WealthPK. According to a media report, the CDNS had also gone past its annual target of Rs1.25 trillion set for fiscal year 2021-22. This was the first time that the CDNS achieved Rs1 trillion fresh deposits during the previous fiscal. The FY22 target went well over Rs980 billion achieved in fiscal year 2020-21. The savings directorate set an annual collection target of Rs250 billion in 2020-21 compared to Rs352 billion for the fiscal 2019-20 and Rs350 billion for 2018-19. Meanwhile, the CDNS has set a target of Rs60 billion in FY23 for Islamic investment to introduce new products in the market after it entered the Islamic finance market in August 2022, offering Islamic finance to its customers, including Islamic Sharia bonds and certificates.
Credit: Independent News Pakistan-WealthPk
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