KUALA LUMPUR, April 16 — The Malaysian money market will likely remain stable next week, with Bank Negara Malaysia (BNM) continuing to intervene to manage surplus liquidity.

A dealer said the central bank is expected to conduct daily tenders to reduce excess liquidity from the financial market.

For the week just ended, BNM intervened daily to absorb excess funds by conducting conventional money market tenders, Qard, repo, reverse repo and Commodity Murabahah Programmes.

Yesterday, the central bank’s action helped reduce the market’s total liquidity surplus of RM26.43 billion from RM28.68 billion earlier, while in the Islamic system, it reduced to RM6.648 billion from RM14.213 billion previously.

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.

The benchmark three-month interbank rate remained unchanged as the 3.70 per cent of the previous Friday. — Bernama