KUALA LUMPUR, Feb 14 — Short-term rates are expected to remain steady next week on the intervention of Bank Negara Malaysia (BNM) in the money market to absorb excess funds.

The central bank is expected to intervene on a daily basis.

For the week just ended, BNM intervened daily, conducting conventional, Al-Wadiah, repo, Islamic range maturity auction and Commodity Murabahah Programme tenders.

The tenders were conducted for periods ranging from seven days to 44 days.

The overnight rate for the week stood at 3.21 per cent while the one-week, two- and three-week rates were pegged at 3.28 per cent, 3.32 per cent and 3.36 per cent respectively.

The underlying three-month Kuala Lumpur Interbank Offered Rate was fixed at 3.85 per cent.

On Friday, the total liquidity surplus in the conventional system stood at to RM20.15 billion from RM21.69 billion the previous Friday.

In the Islamic funds system, the surplus amounted to RM3.70 billion compared with RM7.91 billion previously. — Bernama