KUALA LUMPUR, May 13 — The short-term rates are likely to be stable next week with Bank Negara Malaysia expected to offer tenders to absorb excess funds from the system.

For the just-ended holiday-shortened week, the overnight rate remained unchanged at 2.96 per cent, while the one-, two- and three-week rates were at 3.02 per cent, 3.06 per cent and 3.11 per cent, respectively.

The market was closed on Wednesday for the Wesak Day public holiday.

The central bank intervened on a daily basis to mop up surplus liquidity by conducting tenders, including conventional money markets,  range maturity auctions, reverse repo tenders, repo tenders, Commodity Murabahah Programme  tenders and Qard tenders.

The total liquidity surplus for the week just-ended was higher at RM34.78 billion in conventional operations against RM32.28 billion last Friday.

Islamic funds increased to RM8.66 billion versus RM7.61 billion previously.

The benchmark three-month interbank rate stood at 3.43 per cent. — Bernama