KUALA LUMPUR, Nov 14 — The Malaysian money market is likely to remain stable next week on an expectation of continued intervention by Bank Negara Malaysia (BNM) to manage excess liquidity.
The central bank is expected to continue the intervention with daily tenders to mop up excess funds from the market.
For the week just ended, BNM intervened daily to absorb the system of surplus funds by conducting conventional, Commodity Murabahah Programme, Qard, range-maturity auction and repo tenders.
Yesterday, the central bank’s action helped reduce the market’s total liquidity surplus to RM27.85 billion in the conventional system and RM9.56 billion in Islamic funds.
The overnight Islamic reference rate stood at 3.21 per cent, while the one-week, two and three-week rates were at 3.28 per cent, 3.33 per cent and 3.37 per cent respectively.
Meanwhile, the benchmark three-month interbank rate stood at 3.75 per cent.— Bernama
