KUALA LUMPUR, June 11 — 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, Qard tender-iRMA, repo and a Commodity Murabahah Programme.

Yesterday, BNM’s action helped cut the market’s liquidity surplus in the conventional system to RM22.98 billion from RM26.85 billion earlier.

The market liquidity in the Islamic system fell to RM6.41 billion from RM11.29 billion previously.

The overnight rate stood at 3.20 per cent while the one-, two- and three-week rates were at 3.31 per cent, 3.35 per cent and 3.40 per cent respectively throughout the week.

Meanwhile, the benchmark three-month interbank rate was at 3.65 per cent. — Bernama