Short-term rates to remain stable on Bank Negara Malaysia's operations

KUALA LUMPUR, Aug 13 (Bernama): Short-term rates are projected to remain stable next week on Bank Negara Malaysia’s 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, Qard tenders, reverse repo tenders and commodity murabahah programme tenders.

The total liquidity surplus in the conventional system for the week expanded to RM40.39 billion from RM35.77 billion in the preceding week, while in the Islamic system, it narrowed to RM19.14 billion from RM24.77 billion previously.

The average Islamic overnight rate remained unchanged at 1.72 per cent, while the one-, two- and three-week rates stood at 1.78 per cent, 1.82 per cent and 1.85 per cent respectively. - Bernama

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