KUALA LUMPUR, Dec 5 — The Malaysian money market is expected to remain stable next week on Bank Negara Malaysia’s (BNM) intervention to manage surplus 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 excess funds by conducting conventional money market, Commodity Murabahah Programme, Qard, repo and a reversed repo tenders.
Yesterday, the central bank’s action helped reduce the market’s total liquidity surplus to RM34.83 billion in the conventional system and RM14.32 billion in Islamic funds.
The overnight Islamic reference rate stood at 3.21 per cent, while the one-, two— and three-week rates were at 3.29 per cent, 3.33 per cent and 3.38 per cent respectively.
Meanwhile, the benchmark three-month interbank rate stood at 3.79 per cent. — Bernama
