KUALA LUMPUR, Jan 9 — The Malaysian money market is likely to remain stable next week with more stabilised rates on expectations of continued intervention by Bank Negara Malaysia (BNM) to manage excess liquidity.

The central bank is expected to continue the intervention with daily tenders to mop up excess funds from the market, a dealer said.

For the week just ended, BNM intervened daily to absorb the system of surplus funds by conducting conventional, Commodity Murabahah Programme, Qard, reverse repo tenders and repo tenders.

On Friday, the central bank’s action helped reduce the market’s total liquidity surplus to RM33.03 billion from RM38.37 billion earlier, while in the Islamic system, it went down to RM9.2 billion from RM13.66 billion.

The overnight Islamic reference rate stood at 3.21 per cent, while the one-, two— and three-week rates stood at 3.28 per cent, 3.33 per cent and 3.37 per cent, respectively.

Meanwhile, the benchmark three-month interbank rate stood at 3.84 per cent.  — Bernama