<p>You are looking at seasonally unadjusted data (M2 in blue below).</p>
<p>Intensity of supply and demand of credit fluctuates with seasons, and to allow analyzing the underlying trend, I suggest to download the seasonally adjusted data (M2_SA) from the <a href="https://www.cbr.ru/eng/search/?text=m2" rel="nofollow noreferrer">Bank of Russia (CBR) directly</a>. The difference is like this:</p>
<p><a href="https://i.sstatic.net/rVfCl.png" rel="nofollow noreferrer"><img src="https://i.sstatic.net/rVfCl.png" alt="enter image description here" /></a></p>
<p>CBR uses the standard <a href="https://www.census.gov/data/software/x13as.html" rel="nofollow noreferrer">X-13ARIMA-SEATS Seasonal Adjustment Program</a> from the US Census Bureau, in line with</p>
<ul>
<li><a href="https://ec.europa.eu/eurostat/documents/3859598/5910549/KS-RA-09-006-EN.PDF.pdf/0a9893a6-3e69-45c4-8328-6fc5a3497c13?t=1414781563000" rel="nofollow noreferrer">ESS Guidelines on Seasonal Adjustment, Luxembourg: Office for Official Publications of the European Communities.</a></li>
<li><a href="https://www.imf.org/external/pubs/ft/cgmfs/eng/pdf/cgmfs.pdf" rel="nofollow noreferrer">Monetary and Financial Statistics: Compilation Guide — Washington, D.C.: International Monetary Fund, 2008.</a></li>
</ul>
<p>P.S. If you are interested in computer programming, you can try to compute this adjustment yourself, using some of the available packages (just google <a href="https://www.google.com/search?q=x13+arima+seats+python" rel="nofollow noreferrer">X 13 Arima Seats Python</a> for example).</p>

CC BY-SA 4.0
2023-01-04T23:43:07.547Z
@Pears, please consider accepting the answer if it was helpful.
AKdemy
CC BY-SA 4.0
2022-12-20T23:53:26.077Z
2022-12-20T23:58:59.210Z
2022-12-20T23:58:59.210Z
AKdemy
<p>During a school project, I realized there are these consistent annual spikes in the Russian money supply chart. Any one know what these are? <a href="https://i.sstatic.net/qaFfu.png" rel="nofollow noreferrer"><img src="https://i.sstatic.net/qaFfu.png" alt="enter image description here" /></a></p>
<p><a href="https://tradingeconomics.com/russia/money-supply-m2" rel="nofollow noreferrer">https://tradingeconomics.com/russia/money-supply-m2</a></p>

<money-supply><money><demographics>
What are these yearly spikes in the Russian Money Supply?
Pears
# What are these yearly spikes in the Russian Money Supply?

(Asked by: username_0 on 2022-12-19)

During a school project, I realized there are these consistent annual spikes in the Russian money supply chart. Any one know what these are? [![enter image description here](https://i.sstatic.net/qaFfu.png)](https://i.sstatic.net/qaFfu.png)

<https://tradingeconomics.com/russia/money-supply-m2>

**Tags:** money-supply, money, demographics


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## 1 answers

### Answer by username_1 on 2022-12-20. Score: 2

You are looking at seasonally unadjusted data (M2 in blue below).

Intensity of supply and demand of credit fluctuates with seasons, and to allow analyzing the underlying trend, I suggest to download the seasonally adjusted data (M2\_SA) from the [Bank of Russia (CBR) directly](https://www.cbr.ru/eng/search/?text=m2). The difference is like this:

[![enter image description here](https://i.sstatic.net/rVfCl.png)](https://i.sstatic.net/rVfCl.png)

CBR uses the standard [X-13ARIMA-SEATS Seasonal Adjustment Program](https://www.census.gov/data/software/x13as.html) from the US Census Bureau, in line with

* [ESS Guidelines on Seasonal Adjustment, Luxembourg: Office for Official Publications of the European Communities.](https://ec.europa.eu/eurostat/documents/3859598/5910549/KS-RA-09-006-EN.PDF.pdf/0a9893a6-3e69-45c4-8328-6fc5a3497c13?t=1414781563000)
* [Monetary and Financial Statistics: Compilation Guide — Washington, D.C.: International Monetary Fund, 2008.](https://www.imf.org/external/pubs/ft/cgmfs/eng/pdf/cgmfs.pdf)

P.S. If you are interested in computer programming, you can try to compute this adjustment yourself, using some of the available packages (just google [X 13 Arima Seats Python](https://www.google.com/search?q=x13+arima+seats+python) for example).

> **Comments:**
> **username_1**: @username_0, please consider accepting the answer if it was helpful.  

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