MONEY MARKET

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

The surplus in the conventional system fell to RM27.83 billion from RM34.56 billion earlier while in the Islamic system, it declined to RM10.70 billion from RM14.62 billion previously.

BNM had earlier called for two conventional money market tenders, three Qard tenders and a Bank Negara Interbank Bills Islamic. At 4pm, the central bank conducted a RM28 billion conventional money market tender and a RM10.7 billion Qard money market tender, both for one-day money.

The average overnight interest rate stood at 3.19 per cent, while the one-, two- and three-week rates were pegged at 3.26 per cent, 3.30 per cent and 3.35 per cent, respectively.