KUALA LUMPUR, July 1 — Short-term rates are likely to remain steady next week with Bank Negara Malaysia expected to offer tenders to absorb excess funds from the system.
For the just-ended holiday-shortened week, the overnight rate was quoted at 2.96 per cent while the one-, two- and three-week rates stood 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 tenders, range maturity auction money market tenders, repo tender, Qard tenders and Islamic range maturity auction Qard tenders.
It also called for Qard money market tender and conventional money market tender.
The total liquidity surplus for the week just-ended rose to RM34.97 billion in conventional operations against RM30.29 billion last Friday while the Islamic funds increased to RM13.29 billion from RM6.23 billion previously.
The benchmark three-month interbank rate stood at 3.43 per cent. — Bernama
