Abstract
The Ukrainian economy has faced a challenging situation due to the full-scale invasion by Russia, resulting in heightened panic and a negative impact on the country's macroeconomic stability. High inflation rates in Ukraine, caused by Russia's full-scale military aggression, have significantly affected the economic situation, including price increases for goods and services and the devaluation of the currency. To restore stability and reduce inflationary pressures, the National Bank has implemented effective measures. The article delves into the effectiveness of the National Bank of Ukraine's monetary policy measures, such as liquidity injections and credit support, in stabilizing the financial system and facilitating economic resilience amid the challenging circumstances of the full-scale invasion. The main instruments of monetary policy in wartime conditions are identified. The necessity of implementing an expansionary monetary and credit policy in times of war is substantiated. Statistical data on the dynamics of the NBU's key policy rate, integral indicators of deposit and credit values in hryvnia, consumer price indices, official exchange rates of the hryvnia against the euro and the US dollar, NBU interventions, operations of individuals in the cash market, and Ukraine's international reserves from February 2022 to March 2023 are provided. The actions of the NBU focusing on financial stability, protection of the hryvnia, increased attractiveness of deposits, and alleviation of pressure on the foreign exchange market are discussed. Monetary policy measures such as changes in the key policy rate and foreign exchange interventions are also examined. It is projected that the NBU will continue to pursue an expansionary monetary and credit policy to stimulate the economy and contain inflationary pressures. These comprehensive measures aim to bolster the resilience of the Ukrainian economy and pave the way for sustainable recovery once the war subsides. The NBU remains vigilant and ready to adapt its monetary policy toolkit as needed to navigate the evolving circumstances and safeguard financial stability in the face of ongoing hostilities.
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