ЕТАПИ ТА ПЕРСПЕКТИВИ РОЗВИТКУ ВАЛЮТНОГО РИНКУ В УМОВАХ ВІДКРИТОСТІ НАЦІОНАЛЬНОЇ ЕКОНОМІКИ

Abstract

The article discusses the stages of development of the national currency market. The features and characteristics of each of the stages are analyzed. It was found out that its evolution was accompanied by negative trends in the national economy: high rates of inflation, a sharp decline in production, a deficit in the balance of payments, etc. The development took place in the context of the processes of integration into the international currency market and was characterized by gradual liberalization, up to the introduction of flexible exchange rate formation and independent monetary policy. The flexibility of the exchange rate and the relatively independent monetary policy of the NBU enable the economy to better adapt to both external and internal shocks. The test of such a policy was the COVID-19 pandemic and the unfolding of crisis phenomena as a result of Russia’s full-scale armed aggression against Ukraine. It has been established that the currency market needs reforms by the regulator that will allow the current crisis to pass with the least upheavals, ensure Ukraine’s competitiveness by building effective mechanisms for its development. These mechanisms should take into account the prospects of potential membership in the EU and the creation of programs and funds for post-war reconstruction, which will allow the restoration of the economic and financial systems. It was determined that the financial market of Ukraine has significant potential for the use of modern digital technologies. Liberalization of the process of using cryptocurrencies can be a breakthrough in the system of currency market development. The first steps towards this have already been taken with the adoption of the Law of Ukraine «On Virtual Assets», which established their legal status, and users can legally exchange, buy and sell cryptocurrency. A retrospective analysis of the recovery of currency markets in different historical periods was carried out. It was established that the strategy for the development of the foreign exchange market of Ukraine should take into account the use of regulatory mechanisms that would ensure both its liberalization and the ability to maintain financial stability in the post-war period. The recovery strategy should be built taking into account European aspirations and the effective use of funds for the reconstruction of Ukraine, based on the introduction of modern digital technologies in the financial system.