ПОЛІТИКА НАЦІОНАЛЬНОГО БАНКУ УКРАЇНИ ПІД ЧАС ВІЙНИ ТА ПЕРСПЕКТИВИ ЇЇ ПОДАЛЬШОГО РОЗВИТКУ

Abstract

The article scrutinises and assesses the efficacy of the National Bank of Ukraine's (NBU) policy amidst the period of military conflict. It is discerned that the timely interventions of the NBU facilitated control over devaluation tendencies and inflationary pressures while bolstering the liquidity of the banking sector through refinancing mechanisms. This ensured the uninterrupted functionality of electronic payment systems, thereby upholding a commendable degree of financial stability amid the adversities of conflict. The appraisal of the NBU's policy effectiveness throughout 2022-23 underscores its commendable outcomes. The article emphasises the significance of Ukraine's financial bolstering from allied nations and its collaboration with international financial bodies, notably the International Monetary Fund, playing a pivotal compensatory role in sustaining the operational framework of Ukraine's economy. The research has unearthed nuanced outcomes stemming from the implemented array of measures, particularly concerning capital outflows and escalated benchmark interest rates. These measures, while instrumental, have led to an upsurge in the cost of credit for economic agents. This underscores the imperative for enhanced synchronisation between the NBU and the Government, particularly concerning interest rate policy and deposit certificates rates, and accentuates the necessity for broader credit extension within the tangible sectors of the economy. The article navigates the nuances in NBU decisions within conflict conditions, reflecting both positive and adverse outcomes and implications. Emphasis is placed on the need to mitigate prospective risks during the execution of monetary and currency policies, predicated upon an in-depth analysis of pros and cons, coupled with a more precise delineation of priorities. Given considerable domestic and international uncertainties, the article stresses the pivotal role of augmenting scholarly and analytical guidance in shaping the managerial decisions of the national regulator, aimed at fortifying financial resilience and preserving the controllability of the financial sector.