BNM's intervention helps short-term rates close stable

KUALA LUMPUR: 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 RM38.3 billion, while in the Islamic system it declined to RM8.0 billion from RM12.77 billion.

The central bank conducted a RM26.7 billion conventional money market tender and a RM7.7 billion Qard money market tender, both for one-day money.

Earlier, BNM conducted a range maturity auction money market tender, Islamic range maturity auction Qard tender and a Commodity Murabahah Programme tender. — Bernama KUALA LUMPUR: The Malaysian Islamic Trade Council (DPIM) aims to develop over 100 export-ready companies among its members in three years, via a strategic cooperation with the Malaysia External Trade Development Corporation (MATRADE).

DPIM President Tan Sri Muhammad Ali Hashim said the council has 2,000 members and at present only 20 of the companies which are involved in MATRADE's programme have the capacity to export.

He said the DPIM members were encouraged to grab the opportunities for export and expand their trade network at the international level through incentives provided by the government via the existing free trade agreements.

"The initiative to export products and services should come from the members while DPIM and MATRADE will provide assistance in terms of incentives and facilitation," he told a press conference after the DPIM Business Talk with MATRADE chief executive officer Datuk Dzulkifli Mahmud.

Meanwhile, Dzulkifli said DPIM members had huge capability and potential to export especially in sectors such as services, healthcare, medical tourism, and engineering services.

"The close cooperation between the two parties will facilitate in identifying members that could be nurtured and developed at the international level," he said.

He said MATRADE would forge more intensive collaborations with other business councils to propel the nation's exports.

"The business chambers can focus more on the members and subsequently refer them to MATRADE for export consultation, market intelligence, as well as international trade networking," Dzulkifli said. — Bernama