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