Short-term rates to remain steady

KUALA LUMPUR: Short-term interbank rates are likely to remain steady following Bank Negara Malaysia's intervention to reduce excess liquidity from the financial system.

The central bank estimated today's liquidity at RM22.98 billion in the conventional system and RM4.39 billion in Islamic funds.

Bank Negara will conduct a money market tender of RM5.0 billion for two days to 90 days.

Two Al-Wadiah tenders will also be called, comprising RM700 million for seven days and RM500 million for 27 days.

At 4 pm, the central bank will conduct up to RM18 billion conventional overnight tender and RM3.3 billion Al-Wadiah overnight tender