Short-term rates likely to remain steady on BNM’s intervention

KUALA LUMPUR, May 18 — Short-term rates are expected to remain stable today on Bank Negara Malaysia’s (BNM) continuous intervention to absorb excess liquidity from the financial system.

The central bank estimated today’s liquidity at RM33.62 billion in the conventional system and RM10.99 billion in Islamic funds.

BNM will conduct three conventional money market tenders, comprising RM1 billion each for seven and 32 days.

The central bank will also call for three Qard tenders, involving RM1.25 billion for seven days, RM1.7 billion for 14 days and RM200 million for 32 days.

At 4pm, BNM will conduct up to RM31.6 billion in conventional overnight tenders and a RM7.8 billion Qard overnight tender. — Bernama