KUALA LUMPUR, April 23 ― The Malaysian money market is likely 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 reduce excess liquidity from the financial market.

For the week just-ended, BNM intervened on a daily basis to absorb excess funds by conducting several tenders ― conventional money market, Qard, repo and and Commodity Murabahah Programmes.

Yesterday, the central bank's action helped reduce the market's liquidity surplus in conventional system to RM25.522 billion from RM31.046 billion earlier.

The market liquidity in the Islamic system fell to RM5.778 billion from RM12.812 billion previously. 

The overnight rate remained 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 throughout the week.

Meanwhile, the benchmark three-month interbank rate remained unchanged as last Friday's 3.70 per cent. ― Bernama