KUALA LUMPUR, Nov 1 ― Short-term rates are expected to remain stable next week on Bank Negara Malaysia's (BNM) intervention in the money market to absorb surplus liquidity, dealers said.

A dealer said the central bank is expected to continue to call for money market tenders on a daily basis.

For the week just ended, BNM intervened daily by conducting conventional, Al-Wadiah, repo, range maturity auction and commodity murabahah programme tenders to reduce excess liquidity in the system.

On a week-to-week basis, the liquidity surplus in the conventional system, decreased to RM14.921 billion from the RM19.991 billion last Friday while the excess in the Islamic system increased to RM3.997 billion from RM806.6 million.

The overnight Islamic reference rate was unchanged at 3.21 per cent, while the one-, two- and three-week rates stood at 3.27 per cent, 3.31 per cent and 3.34 per cent, respectively.

The benchmark three-month KLIBOR remained flat at 3.76 per cent. ― Bernama