ISLAMABAD: The Central Directorate of National Savings (CDNS) has collected Rs20 billion by November 8 out of its net target of Rs350 billion for fiscal year 2019-20, despite a high interest rate, which was slashed by the central bank from November 1.
The CDNS has set Rs350 billion annual net target for the year 2019-20 as compared to Rs324 billion for 2018-19 to enhance savings and promote saving culture in the country, a senior official of the CDNS told APP on Tuesday.
The directorate has also revised and increased the gross target of Rs1,570 billion for fiscal year 2019-20, he said. Replying to a question, he said that CDNS had collected Rs410 billion by June 30, 2019 exceeding the target of Rs324 billion set for the year, while during the preceding year of 2017-18 it collected Rs155 billion.
The total savings held by the CDNS stood at Rs1,150 billion by June 30, while the directorate had Rs774 billion savings by the same date, a year ago, he added.