ISLAMABAD: The Central Directorate of National Savings (CDNS) on Wednesday achieved the target of issuing fresh bonds of Rs405 billion in the current fiscal year, from July 1 to December 2, 2022.

The CDNS has set a saving target of Rs1.5 trillion for the current financial year (2022-23) which will promote savings culture in the country, the senior official of CDNS told APP here. At this time, the current market trend in the country and the ambitious target has been set to further improve the savings culture, he said.

Replying to a question, he said the CDNS surpassed its annual target in the previous fiscal year 2021-22 and set a historic record of Rs 1,250 billion in savings till June 30, 2022. For the first time in its history, CDNS crossed Rs 1,000 billion in fresh deposits and achieved the target of Rs 1,250 billion by June 30, 2022.

He said the CDNS had attained the target of issuing Rs 1,250 billion fresh bonds from July 1, 2021 to June 30, 2022. It had set an annual gross receipt target of Rs 980 billion from July 1 to June 30 of the previous fiscal year 2020-21 to promote savings in the country.

The senior official said the CDNS had set Rs 250 billion annual collection target from July 1 to June 30 for the year 2020-2021 as compared to Rs 352 billion for the previous year (2019-20) during the same period to enhance savings in the country. The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year (2018-19), he said.

Replying to another question, he said the CDNS had reviewed and set a target of Rs 60 billion in the Fiscal Year (2022-23) for Islamic investment to introduce the new products in the market. In the current financial year, CDNS would achieve the investment target of Rs 60 billion, he said.

He also said that the CDNS had entered the Islamic finance market in August 2022, and was offering Islamic finance to its customers. National Savings would work on Islamic Sharia bonds and certificates to give opportunities to their customers in Islamic finance he said.