KUALA LUMPUR: Short-term rates are set to remain stable next week on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity in the financial system.

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

Total liquidity surplus in the conventional system for the week declined to RM39.02 billion from RM39.21 billion in the preceding week.

In the Islamic system, the surplus liquidity fell to RM30.58 billion from RM31.44 billion previously.

The Malaysia Islamic Overnight Rate (MYOR-i) stood at 3.00 per cent as of June 8, 2023.

The market was closed on Monday, June 5, 2023, in conjunction with the birthday of the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah.-Bernama