KUALA LUMPUR, May 6 — Short-term interbank rates are expected to remain steady next week with Bank Negara Malaysia (BNM) continuing to intervene to stabilise the local money market.
The central bank is set 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 conventional, Qard, repo and range maturity auction tenders.
Yesterday, the central bank’ action helped to reduce the market’s total liquidity surplus to RM32.28 billion in the conventional system and RM7.61 billion in Islamic funds.
The overnight Islamic reference rate stood at 2.96 per cent and the one-week, two and three-week rates stood at 3.02 per cent, 3.06 per cent and 3.11 per cent respectively.
The benchmark three-month interbank rate was unchanged at 3.43 per cent. — Bernama
