KUALA LUMPUR, Feb 13 ― The Malaysian money market is expected to remain stable next week as Bank Negara Malaysia's (BNM) continues to intervene to manage surplus liquidity.

The central bank is expected to call for daily tenders to mop up excess funds from the market.

For the week just-ended, BNM intervened daily to absorb excess funds by conducting conventional money market tenders, range maturity auction, commodity murabahah programme, Islamic range maturity auction Qard and repo tenders.

Yesterday, the central bank's action helped reduce the market's total liquidity surplus to RM32.77 billion from RM39.33 billion earlier while in the Islamic system, it declined to RM8.08 billion from RM16.24 billion, previously.

The overnight Islamic reference rate stood at 3.21 per cent while the one-, two- and three-week rates were at 3.30 per cent, 3.35 per cent and 3.39 per cent, respectively.

Meanwhile, the benchmark three-month interbank rate stood at 3.76 per cent. ― Bernama