money

Short-term rates expected to remain stable next week

The logo of Bank Negara Malaysia is seen at its headquarters in Kuala Lumpur June 30, 2017. — Picture by Yusof Mat IsaThe logo of Bank Negara Malaysia is seen at its headquarters in Kuala Lumpur June 30, 2017. — Picture by Yusof Mat IsaKUALA LUMPUR, Aug 12 — Short-term rates are expected to remain stable next week with Bank Negara Malaysia likely to offer tenders to absorb surplus funds from the system.

For the week just-ended, the overnight rate was quoted at 2.96 per cent, while the one-, two- and three-week rates stood at 3.02 per cent, 3.06 and 3.11 per cent, respectively.

The central bank intervened on a daily basis to mop up surplus liquidity by conducting range maturity auction tenders, Islamic range maturity auction tenders, Qard tenders, repo tenders, reverse repo tenders and conventional money market tenders.

The total liquidity surplus in the conventional system for the week just-ended increased to RM30.73  billion from the previous week’s RM27.73 billion, while in the Islamic system, it decreased to RM8.03  billion from RM10.21 billion.

The benchmark three-month interbank rate stood at 3.43 per cent. — Bernama

MORE ON MMOTV