KUALA LUMPUR: Short-term rates are expected to remain stable this week on Bank Negara’s operations to absorb surplus liquidity from the cash market.

       The average Islamic overnight rate stood at 1.7%, while the one-, two- and three-week rates stood at 1.78%, 1.82% and 1.86%, respectively.

       The central bank intervened on a daily basis to reduce excess funds from the financial system by conducting a range maturity auction money market tender, conventional money market tenders, Islamic range maturity auction tenders, repo tenders, and reverse repo tenders. — Bernama