MONEY MARKET

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

The surplus in the conventional system decreased to RM14.55 billion from RM17.04 billion yesterday morning, while in the Islamic system, it fell to RM13.62 billion from RM16.85 billion.

Earlier, BNM issued six tenders comprising a conventional money market tender, a reverse repo tender and three Qard tenders.

At 4pm, the central bank conducted a RM14.5 billion conventional overnight tender and a RM13.6 billion Murabahah overnight tender, both for threeday money.

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