KUALA LUMPUR, April 30 — 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, range maturity auction, Islamic range maturity auction and Commodity Murabahah Programmes.

Yesterday, the central bank’s action helped reduce the market’s liquidity surplus in the conventional system to RM23.01 billion from RM29.60 billion earlier.

The market liquidity in the Islamic system fell to RM5.75 billion from RM12.90 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 from last Friday’s 3.70 per cent. — Bernama