Priorities and movement vectors for further development of the foreign exchange market of Ukraine

Abstract

Introduction. Ukraine continues to work on strengthening the role, importance and participation in European integration processes, improving the image of the national currency and stabilizing its exchange rate. In order to continue to be a participant in international trade operations, it is necessary to continue to form an effective foreign exchange market, because its normal functioning is an important component of the further development of the economy of Ukraine. Even under difficult modern conditions, international financial activity remains an important factor that determines the development of the currency market of Ukraine today and affects the ecosystem. Only thanks to external support, it is possible to stabilize and balance the currency market in the country. Purpose. The purpose of this article is an attempt to analyze the current state of the foreign exchange market of Ukraine in order to identify the main priorities and movement vectors for the further development of currency policy, in particular in the field of exchange rate regulation and to determine the main criteria for choosing the most appropriate currency regulation regime at this stage. Methodology. In the process of work, methods of analysis and synthesis, generalization and comparison, and scientific abstraction were used. Results. This article summarizes some analytical data on the peculiarities of the current state of the currency market of Ukraine as a component of international economic relations and the impact of the war on it and a number of negative factors caused by it. The article also highlights a number of problems of both stabilization and development of the foreign exchange market of Ukraine and describes the policy of the National Bank of Ukraine to overcome them and outlines the ways to international cooperation and support as a key aspect of overcoming modern threats in the specified sphere. The article also recommends ways to develop the foreign exchange market and provides certain measures to eliminate existing threats in view of state policy and the work of relevant financial institutions. It also outlines the activities of the mono-regulator in the field of international cooperation with financial institutions and institutions with the aim of establishing support for the world and international financial institutions for the regulation of the foreign exchange market according to all key criteria of its development.