CDNS achieves 43% of target with Rs720bn in bonds

January 14, 2025 (MLN): The Central Directorate of National Savings (CDNS) has successfully achieved a target of Rs720 billion in fresh bonds, reaching 43.42% of its annual target for the first half of the current fiscal year.

The performance is based on data from July 1 to January 13, as APP reported.

A senior official of CDNS stated on Tuesday that the organization has set an annual target of Rs1650bn for the current fiscal year, 2024-25, aiming to promote the country’s saving culture.

Similarly, the CDNS has set a target of Rs170bn in investment in Islamic finance for the Current Fiscal Year, which will lead to the growth of the Islamic economy in the country.

He mentioned that CDNS achieved a target of Rs1.742 trillion in fresh bonds, surpassing 100% of its annual goal for the fiscal year 2023-24, from July 1 to June 30.

National Savings has set an annual target of Rs1.7tr for 2023-24, and it is encouraging to note that this year, "We exceeded 100% of the annual target."

The CDNS surpassed the annual target and achieved the target of Rs1.6tr in fresh bonds in the previous fiscal year 2022-23, he said.

He said it was an Rs200bn additional annual target than the target of Rs1300bn for the previous financial year 2021-22.

The CDNS has set a reviewed saving target of Rs1.4tr for the financial year (2021-22), which will promote a savings culture in the country.

He added that, given the current market trend, an ambitious target had been set to further improve the savings culture.

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 said that the directorate had set a target of Rs75bn for the new financial year 2023-24 for Islamic finance bonds.

He stated that the CDNS aims to introduce new aspects 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.

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