Основні проблеми грошово-кредитної системи України в умовах війни

Abstract

Introduction. During 2022-2023, the monetary and credit system of Ukraine faced an unprecedentedly large number and a fundamentally new quality of problems associated with the transition of a permanent low-intensity armed conflict into full-scale military operations, accompanied by various negative consequences that directly affect the monetary sphere. Problem Statement. Establishing the prerequisites and substantiating prospects for the implementation of a complex of regulatory measures of the state in the monetary sphere, aimed at overcoming the main problems of the monetary and credit system of Ukraine in the conditions of war. Purpose.To analyze the key challenges and destabilizing factors that directly and negatively affect the performance of the monetary and credit system of Ukraine of its key functions and to justify the most urgent state measures aimed at overcoming them. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. The key problems faced by the monetary and credit system of Ukraine during the war are analyzed: new challenges faced by the banking system, negative dynamics of inflation, suspension of lending and changes in the structure of the credit portfolio, challenges to exchange rate stability, and a decrease in the level of financial inclusion. Within the scope of solving these problems, a number of measures have been proposed to reduce the rate of price growth and ensure the exchange rate stability of the hryvnia, the gradual recovery and activation of the lending activities of banks, primarily in the field of long-term corporate lending in the national currency, and the restoration of the appropriate level of financial inclusion. Conclusions. The main tools for solving the problems of the monetary and credit system of Ukraine in the conditions of the war should be, in particular, further compliance with the policy of “expensive money”; limitation of emission and money supply growth rates; ensuring the joint responsibility of state institutions in the process of implementing monetary policy; synchronization of yield levels of NBU and OVDP certificates of deposit; decrease in the share of foreign currency loans and deposits; export promotion; restoration of the mandatory sale of part of the foreign currency earnings of exporters; growth in the supply of cash currency; use of non-monetary instruments of anti-inflation policy; improvement of the method of mandatory reservation of the funds involved; increasing the yield of household deposits; settlement of the “new” NPL problem; creation of a specialized state institution for NPL management; involvement of state banks in lending to reconstruction projects; stimulation of mortgage lending; resumption of work of bank branches; organization of work of mobile departments; temporary moratorium on closing branches of state banks; further development of the POWER BANKING system; provision of post offices with ATMs and payment terminals; implementation of a training course on financial literacy; creation of a single communication platform on financial literacy issues; providing support to the elderly in non-cash payment skills.