INSTRUMENTS OF THE MONETARY AND CREDIT POLICY OF UKRAINE UNDER THE CONDITIONS OF MARITAL LAW

Abstract

Introduction. The financial system of Ukraine in the conditions of martial law faces new risks and threats that reduce the level of its financial stability, liquidity and affect the development of economic processes in the country. Solving these problems is impossible without adequate monetary policy and the use of the most effective financial instruments. Therefore, an effective monetary policy of the state will become a prerequisite for ensuring financial and national security. All of the above confirms the relevance of the conducted research. The purpose of the article is to analyze the peculiarities of the application of monetary policy instruments of Ukraine in the conditions of martial law in order to support the financial stability of the financial system of Ukraine. Methods. To conduct the research, such general scientific and special methods were used as: systemic, structural, analysis and synthesis, graphic and tabular, logical generalization. Results. The essence of the monetary policy has been studied, its main objects have been determined, and the instruments of the monetary policy of Ukraine have been systematized under the conditions of martial law. An analysis of the interrelationships between the NBU discount rate and inflation, the volume of currency interventions and the exchange rate was carried out, the current state and structure of Ukraine's international reserves, the role of OVDP and macro-financial assistance in financing Ukraine's budget expenditures were assessed. Conclusions. Proposals to expand the possibilities of financing the budget deficit of Ukraine in the conditions of martial law are substantiated, which will increase the stability and liquidity of the financial system of Ukraine. Since achieving financial stability in the conditions of risks caused by military aggression is quite difficult, therefore, an important role in this process should belong to the formation of a system of macroeconomic models, which in the future will help the rapid adaptation of the economy in crisis situations.