SHORT TERM RATES TO REMAIN STABLE

KUALA LUMPUR, July 18 (Bernama) -- Short-term rates are expected to continue to stay stable as Bank Negara Malaysia continues to intervene to mop up excess funds from the money market. The central bank estimated today's total liquidity surplus at RM35.894 billion, of which RM27.782 billion were from conventional operations and the balance RM8.112 billion from Islamic funds. To reduce the excess, it would conduct four conventional tenders, three Islamic and a repo tender. The central bank will conduct conventional tenders to borrow RM2.0 billion for a week, RM2.0 billion for two weeks, RM3.0 billion for three weeks and RM3.0 billion for a month. It will also conduct Al-Wadiah tender comprising RM1.0 billion of one-month money, RM500 million of two-week money and RM2.5 billion of three-week money.

In addition, Bank Negara will conduct a repo tender of RM800 million proceed of 46-day money. The three-month KLIBOR stood at 3.70 percent on Thursday. -- BERNAMA MI MAD

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