KUALA LUMPUR, Feb 10 — Short-term rates are expected to remain stable next week with Bank Negara Malaysia (BNM) expected to intervene by offering tenders to absorb surplus liquidity from the system.

For the week just-ended, the overnight rate was at 3.19 per cent, while the one-, two- and three-week rates stood at 3.26 per cent, 3.30 per cent and 3.34 per cent respectively.

For the week just-ended, BNM intervened on a daily basis to mop up excess liquidity by conducting conventional money market tenders, range maturity auction tenders, Islamic range maturity auction tenders, Qard tenders, repo tenders and reverse repo tenders.

It also held Commodity Murabahah Programme tenders, Qard tenders and Qard money market tenders.

The total liquidity surplus in the conventional system for the week rose to RM34.92 billion from RM30.89 billion last week, while in the Islamic system, it fell to RM9.63 billion from RM12.3 billion previously.

The benchmark three-month Kuala Lumpur Interbank Offered Rates stood at 3.69 per cent. — Bernama