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Money market to remain stable next week

Money market to remain stable next week
On Friday, Bank Negara Malaysia's action helped reduce the market's total liquidity surplus to RM41.97 billion in the conventional system and RM8.49 billion in Islamic funds. - Filepic
KUALA LUMPUR: The money market is expected to remain stable next week on Bank Negara Malaysia's (BNM) intervention to mop up surplus liquidity from the financial system.

The central bank is expected to conduct daily tenders to reduce excess liquidity from the financial market.
For the week just-ended, BNM intervened on a daily basis to absorb excess funds by conducting a conventional money market, Qard, reverse repo, range maturity auction and commodity murabahah programme.

On Friday, the central bank's action helped reduce the market's total liquidity surplus to RM41.97 billion in the conventional system and RM8.49 billion in Islamic funds.

The overnight Islamic reference rate stood at 2.96 per cent and the one-week, two and three-week rates stood at 3.02 per cent, 3.06 per cent and 3.11 per cent respectively.

The benchmark three-month interbank rate was unchanged at 3.43 per cent. --Bernama