MONEY MARKET

SHORT-TERM interbank rates closed steady 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 RM29.58 billion from RM34.61 billion, while in the Islamic system, it fell to RM7.21 billion from RM11.13 billion this morning.

The central bank had earlier called for four conventional money market tenders and three Qard tenders.

It also conducted a RM28.6 billion conventional money market tender and a RM7.2 billion Qard money market tender, both for three-day money.

The overnight Islamic reference rate stood at 2.96 per cent, while the oneweek, two- and three-week rates stood at 3.02 per cent, 3.07 per cent and 3.11 per cent respectively.