KUALA LUMPUR, March 12 ― The Malaysian money market is expected to remain stable next week with Bank Negara Malaysia (BNM) continuing to intervene to manage surplus liquidity.

The central bank is expected to conduct 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 range maturity auction, money market tenders, conventional money market tenders, commodity murabahah programme, Qard, repo and reverse repo tenders.

Yesterday, the central bank's action helped reduce the market's total liquidity surplus to RM35.19 billion from RM40.27 billion earlier, while in the Islamic system, it shrank to RM3.90 billion from RM7.81 billion.

The overnight 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 was pegged at 3.71 per cent. ― Bernama