SHORT-TERM RATES CLOSE STEADY

KUALA LUMPUR, Nov 4 (Bernama) -- Short-term rates closed steady today after Bank Negara Malaysia intervened in the money market to absorb surplus funds, dealers said. The overnight rate was fixed at 1.92 per cent while the one-week, two-week and three-week rates were pegged at 1.96 per cent, 1.98 per cent and 2.01 per cent, respectively. The total liquidity in the conventional system declined to RM29.55 billion from an earlier estimate of RM34.83 billion while Islamic funds dropped to RM7.60 billion from an earlier forecast of RM13.19 billion. Bank Negara also conducted four conventional, four Al-Wadiah tenders as well as one repo and one commodity Murabahah programmes to reduce the surplus in the system. The central bank later issued a conventional tender for RM29.5 billion and a Al-Wadiah tender for RM7.6 billion, both for one-day money.

-- BERNAMA

MAZ VMD