# Bank Negara Monetary Notes

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**Bank Negara Monetary Notes (BNMN)** are securities issued by [Central Bank of Malaysia](/source/Central_Bank_of_Malaysia) replacing the existing Bank Negara Bills (BNB) for purposes of managing liquidity in both the conventional and Islamic [financial market](/source/Financial_market). The maturity of these issuances has been lengthened from one year to three years however, this is not intended to signal any targeted level of long-term [interest rates](/source/Interest_rates). The [Overnight Policy Rate](/source/Overnight_Policy_Rate) remains the sole indicator of the [monetary](/source/Monetary) policy stance while short-term and long-term [interest rates](/source/Interest_rates) at other maturities will continue to be market determined, reflecting overall demand and supply conditions as well as prevailing [interest rate](/source/Interest_rate) expectations in the [financial market](/source/Financial_market). New issuances of BNMN may be issued either on a discounted or a coupon-bearing basis depending on [investors](/source/Investor)' demand. Discount-based BNMN will be traded using the same market convention as the existing BNB and [Malaysian](/source/Malaysia) Treasury Bills (MTB) while the coupon-based BNMN will adopt the market convention of [Malaysian](/source/Malaysia) Government Securities (MGS).The inaugural issuance was on 8 December 2006 with an issue size of RM1. billion.[1]

BNMN are tradable on yield basis (discounted rate) based on bands of remaining tenure (e.g., Band 4= 68 to 91 days to maturity). The standard trading amount is RM5 million.

## References

1. ["BNM Press Statements"](https://web.archive.org/web/20110723212824/http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1349). *www.bnm.gov.my*. Archived from [the original](http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1349) on 2011-07-23.

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