BNM's intervention allows short-term rates to close steady

Short-term interbank rates closed stable today on Bank Negara Malaysia's (BNM) intervention to absorb excess liquidity from the financial system.

The liquidity surplus in the conventional system fell to RM26.2 billion from RM32.51 billion, while in the Islamic system, it declined to RM8.01 billion from RM11.85 billion.

Earlier, the central bank called for four conventional money market tenders, a Commodity Murabahah Programme Qard tenders.

BNM also conducted a RM25.5 billion in conventional overnight tender and a RM7.6 billion Qard overnight tender, both for one-day money.

The overnight Islamic reference rate stood at 2.96 percent, while the one-, two- and three-week rates stood at 3.02 percent, 3.06 percent and 3.11 percent, respectively. -- BERNAMA