Pakistan Post’s Savings Certificate Business in Doldrums

ISLAMABAD: The once booming business of the Pakistan Post – savings certificates – has suffered a significant decline of over 70% to Rs1.61 billion since 2007 due to unavailability of certificates.

The matter is pending with the Ministry of Finance.

According to documents available with The Express Tribune, the Pakistan Post has been facing difficulties in receiving savings certificates since 2007 when the business volume was about Rs5.5 billion.

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The documents further stated that the value of Pakistan Post’s savings certificate business was more than Rs3.49 billion during fiscal year 2014-15. However, due to unavailability of the certificates, the volume has dropped to Rs1.61 billion. “The certificates business is witnessing a significant drop every year.”

In the last five years, the number of savings certificates has dropped from 29,500 to 16,128.

Currently, the documents stated, the Pakistan Post does not have the pensioners benefit account as well as the Shuhada welfare account while the special savings certificates, regular income certificates and defence savings certificates are also not being provided.