Abstract
Since 2014, Ukraine has been involved in military conflicts on its territory. The country has been at war with the Russian Federation for the past two years. Wartime demands from the state both the protection of its citizens and the territory, as well as the effective conduct of macroeconomic policy, including monetary policy. In the conditions of martial law, the use of monetary instruments has its own characteristics, they require flexibility and quick adaptation to the constantly changing economic conditions. Effective use of monetary policy instruments is a guarantee of the country's financial stability. The article is devoted to the topical issues of today – the peculiarities of the regulation of the financial system by the National Bank of Ukraine by adjusting monetary instruments in the conditions of large-scale armed aggression and the introduction of martial law in Ukraine. With the introduction of martial law in Ukraine, the National Bank of Ukraine adopted a number of regulatory documents that created conditions for ensuring the reliable and stable functioning of the country's financial system, because the problem of preserving gold and foreign exchange reserves and the stability of the national currency exchange rate became extremely acute. The article examines the approaches of the NBU to the selection of monetary policy instruments during the period of martial law and their modifications; it is emphasized that currency interventions are an important tool for stabilizing the exchange rate of the national currency, and Ukraine's international reserves have reached a certain level thanks to receipts from international partners; analysis of the main indicators of monetary policy for 2018–2022 was carried out. The conducted research made it possible to draw a conclusion about the deterioration of monetary policy indicators and the need to stabilize the conditions for the further development of the economy during the full-scale war in Ukraine. It is justified that the NBU carries out regulatory measures in such a way as to ensure reliable and stable functioning of the state's financial system.
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