Islamabad, November 20, 2024 – The Central Directorate of National Savings (CDNS) has raised Rs. 550 billion through the issuance of fresh bonds, achieving 15% of its annual target for the current fiscal year 2024-25, from July 1 to November 15.
The CDNS has set an ambitious annual target of Rs. 1,650 billion for FY 2024-25 to promote a culture of savings in the country, a senior CDNS official told the Associated Press of Pakistan (APP) on Wednesday.
In addition, the CDNS has allocated a target of Rs. 170 billion for investments in Islamic finance for FY 2024-25, aiming to support the growth of the Islamic economy in Pakistan.
The official noted that CDNS achieved Rs. 1.742 trillion in fresh bonds during FY 2023-24, exceeding 100% of its annual target set for that period. The target for FY 2023-24 was Rs. 1.7 trillion, which the CDNS successfully surpassed.
Similarly, the CDNS achieved Rs. 1.6 trillion in fresh bonds during FY 2022-23, surpassing the Rs. 1.3 trillion target set for FY 2021-22. The revised saving target for FY 2021-22 was Rs. 1.4 trillion, reflecting efforts to strengthen the savings culture in Pakistan despite challenging market conditions.
The official highlighted ongoing institutional reforms within the CDNS, with new innovations being introduced to enhance user experience. For instance, Automated Teller Machines (ATMs) have been implemented to provide greater convenience for customers.
For FY 2023-24, the CDNS set a target of Rs. 75 billion specifically for Islamic finance bonds. The directorate also aims to introduce new initiatives in the Islamic finance sector.
“Islamic finance plays a crucial role in the global financial sector today, forming a significant part of the economies of many major countries,” the official stated, emphasizing its importance in Pakistan’s economic landscape.
The CDNS plans to further diversify its savings instruments to attract a broader range of investors, including overseas Pakistanis. With reforms underway and a focus on digital transformation, the directorate aims to streamline its services, ensuring more efficient operations while bolstering public trust in government-backed savings schemes.
