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 RM28.97 billion from RM34.04 billion in the conventional system, while in the Islamic system, it declined to RM8.3 billion from RM10.63 billion.

Earlier, the central bank called for four conventional money market tenders and three Qard tenders.

BNM also conducted a RM27.0 billion in conventional overnight tender and a RM7.6 billion Qard overnight tender, both for oneday 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.