MONEYMARKET

SHORT-TERM rates closed stable yesterday as Bank Negara Malaysia continued to intervene in the money market to absorb excess liquidity.

The liquidity surplus in the conventional operations dropped to RM18.155 billion from the RM31.931 billion estimated earlier, while the excess in the Islamic system declined to RM3.992 billion from RM9.341 billion previously.

In the morning, the central bank called for a range maturity auction programme, two repo tenders and four Al-Wadiah tenders. Bank Negara also issued a late conventional tender for RM18.2 billion and a RM4 billion Al-Wadiah tender, both for oneday money.

The overnight rate stood at 2.93 per cent, while the one, two and three-week rates were pegged at 2.98 per cent, 3.02 per cent and 3.04 per cent respectively. — Bernama