M3 Money Supply (YoY)

M3 is a measure of money supply that is released by the South African Reserve Bank. It calculates all currency in circulation, bank deposits, repurchase agreements, debt securities up to 2 years and the value of money market shares. It is considered as an important indicator of inflation, as monetary expansion adds pressure to the exchange rate. Usually an acceleration of the M3 money is considered as positive, or bullish for the Rand, whereas a decline is considered negative.