KUALA LUMPUR, June 17 — Short-term rates are likely to be steady next week with Bank Negara Malaysia expected to offer tenders to absorb excess funds from the system.
For the week just-ended, the overnight rate was quoted at 2.96 per cent while the one-, two- and three-week rates were at 3.02 per cent, 3.06 and 3.11 per cent, respectively.
The central bank intervened on a daily basis to mop up surplus liquidity by conducting conventional money market range maturity auction tenders, money market tenders, Qard money market tenders, Commodity Murabahah Programme, reverse repo tenders, Qard Islamic range maturity auctions tenders and a repo tender.
The total liquidity surplus for the week just-ended was higher at RM33.34 billion in conventional operations against RM29.41 billion last Friday while Islamic funds fell to RM6.65 billion from RM7.49 billion previously.
The benchmark three-month interbank rate stood at 3.43 per cent.
The market was closed on Monday for Nuzul Al-Quran public holiday. — Bernama
