MONEY MARKET

SHORT-TERM rates are likely to remain stable on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the cash market.

During the week just ended, the central bank intervened on a daily basis to reduce excess funds from the financial system by conducting conventional money market tenders, reverse repo tenders, Qard tenders, and Commodity Murabahah Programme tenders.

The total liquidity surplus in the conventional system for the week rose to RM52.62 billion from RM43.22 billion in the preceding week, while in the Islamic system, it widened to RM36.71 billion from RM32.01 billion previously.

The Malaysia Islamic Overnight Rate (MYOR-i) stood at 2.75 as of November 16, 2022.

BNM’s operation was closed on Friday as caretaker prime minister Datuk Seri Ismail Sabri Yaakob declared November 18 and 19 as public holidays to enable electors to exercise their right to vote in the 15th general election (GE15).