MONEY MARKET

SHORT- ORT- TERM rates are expected pected to remain stable on Bank B kN Negara Malaysia’s Ml i ’ ( BNM) operations to reduce excess liquidity in the cash market.

For the week just ended, the overnight Islamic reference rates were unchanged at last week’s 3.19 per cent, while the one-, two- and three- week rates remained at 3.26, 3.3 and 3.35 per cent, respectively.

Meanwhile, the underlying three- month KLIBOR remained at 3.69 per cent.

During the week, the central bank intervened on a daily basis to absorb excess funds from the financial system by conducting tenders, including conventional money market tenders, Qard tenders and an Islamic range maturity auction Qard tender.

It also issued Bank Negara Interbank Bills, a range maturity auction money market tender and a reverse repo tender.