Member of Parliament for Dowa West Ephraim Abel Kayembe on Thursday moved a motion in Parliament to have his Financial Services Amendment Bill be referred to a Task force for further scrutiny.

Through the Bill, Kayembe wants the country’s interest rates be regulated by, among others, setting a policy rate.

According to Kayembe, carrying out further consultation on the Bill will assist in incorporating all inputs including expert advice.

“The comments from the Members were that we needed to consult more from various stakeholders within the financial sector as well as the political parties,” said Kayembe.

“As you noticed, the Malawi Congress Party (MCP), the Democratic Progressive Party (DPP) didn’t too so as United Democratic Front (UDF).”

Kayembe expressed optimism that the Bill will resurface in the House during next year’s budget sitting.

He said: “I want to make it clear that it is coming back in February for completion, that’s my intention.”

“If I had proceeded I noticed that without substantive comments without comments from the DPP, UDF, MCP I foresaw that maybe I could face challenge in proceeding because I need numbers to pass this Bill,” said Kayembe.