KUALA LUMPUR, Feb 27 ― The Malaysian money market is expected to remain stable next week as Bank Negara Malaysia (BNM) continues to intervene to manage surplus liquidity.

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

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

Yesterday, the central bank's action helped reduce the market's total liquidity surplus to RM33.82 billion from RM41.37 billion earlier, while in the Islamic system, it shrank to RM8.64 billion from RM10.77 billion.

The overnight rate was at 3.21 per cent while the one-week, 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 3.74 per cent. ― Bernama