Govt cuts profit rates on national savings schemes

The government has reduced the profit rates on various national savings schemes and certificates by up to 1.22 percentage points, further discouraging savings and exacerbating Pakistan’s already low domestic savings rate. 

According to data from the Central Directorate of National Savings (CDNS), the return on the Sarwa Islamic Term Account has been lowered from 17.58% to 16.36%, a…