MONEY MARKET

SHORT-TERM interbank rates closed stable yesterday on Bank Negara Malaysia’s (BNM) intervention to absorb excess liquidity from the financial system.

The liquidity surplus in the conventional system fell to RM26.71 billion from RM37.49 billion in the conventional system, while in the Islamic system, it declined to RM7.64 billion from RM12.26 billion.

Earlier, the central bank called for a range maturity auction tender, two Qard tenders and a reverse repo tender.

BNM also conducted a RM26.7 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 per cent, while the one-, two- and three-week rates stood at 3.02 per cent, 3.06 per cent and 3.11 per cent, respectively.