Money Market

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

Liquidity in the conventional system slipped to RM34.24 billion from RM39.05 billion yesterday morning, while for Islamic funds, it inched up to RM25.50 billion from RM24.78 billion previously.

Earlier yesterday, BNM called for three conventional money market tenders, an Islamic range maturity auction (iRMA) Qard tender and a reverse repo tender.

At 4 pm, the central bank called for a RM34.20 billion conventional money market tender and a RM24.50 billion Murabahah money market tender, both for three-day money. BNM revised the Murabahah overnight tender from RM20.1 billion to RM24.5 billion.

The average Islamic overnight rate stood at 1.72 per cent, while the one-, two- and three-week rates stood at 1.78 per cent, 1.82 per cent and 1.85 per cent, respectively.