January 19, 2020 (MLN): Savings mobilisation by the National Savings Schemes (NSS) during July-Oct FY21 clocked in at Rs. 24.8 billion, compared to Rs.80.97 billion recorded in the same period of the previous fiscal year, marking a decline of 69% YoY.
According to the data released by the State Bank of Pakistan (SBP) on Monday, savings mobilised under the NSS in October’20 alone amounted to Rs. 12.24 billion against Rs 5.46 billion in the previous month and Rs. 95.75 billion in October 2019.
The inflow under NSS schemes during the period mentioned above can be ascribed to lower inflation numbers, increased remittances, and higher profits compared to those offered by banks.
During the first 4 months of the current fiscal year, most of the mobilisation went into Prize Bonds (Rs 25.5 billion) followed by Special Saving Certificates (Rs 7.45 billion) and Regular Income Certificates (Rs. 3.949 billion).
On the contrary, holdings in Defense Saving Certificates other saving schemes witnessed a withdrawal of Rs.1.677 billion and Rs 10.4 billion respectively during 4MFY21 as opposed to the savings of Rs 85.9 billion and Rs 98.4 billion Jul-Oct FY20.
While in the month of October’20, the government raised Rs 18.75 billion through Prize Bonds and Rs 1 billion and Rs 987.8 million through Regular Income Certificates and Special Saving Certificates respectively. Whereas, Defense Savings Certificates and Other saving schemes witnessed disinvestment of Rs 180.6 million and Rs 8.36 billion respectively.
Copyright Mettis Link News