Speaking after the passing of the bill chairperson for the budget and finance committee Rhino Chiphiko told MBC he was satisfied that government has agreed to the amendments in the bill which will benefit Malawians.

The Bill was seeking to amend the Reserve Bank principal act to align with different changes that have occurred over the years. This was in line with government borrowing from RBM, additional appointment of deputy governors and representation of the board.

“Government had a provision to borrow up to 20% from the Reserve Bank of Malawi which was too much for government to repay in one financial year.

The burden forced the Minister of Finance to covert the loan to be long term which increased inflation rate” explained Hon. Chipiko.

 The amendment in the new act has left government borrowing 10% which the chairperson of budget and finance committee described as manageable.

On board representation the act has been amended to have three deputy governors who can sit on the board together with other officials not exceeding seven.

Chiphiko said he was impressed with the amendments in the new law which will perfect Reserve Bank of Malawi duties to the nation.

This was Bill No. 8 of 2014- the Reserve Bank of Malawi amendment Act and was referred to the relevant parliamentary committee for scrutiny after Members agreed that there were some clauses to be amended before passing it to be a law.

The house has also adopted two committee reports on commissions,  statutory authorities and state enterprises on the activities of the committee and a report on public accounts committee on its review and analysis of the performance audit reports, treasury minute and cash-gate related issues.