THE ROLE OF MONETARY POLICY IN ENSURING FINANCIAL SECURITY OF UKRAINE

Анотація

The research identifies the role of monetary policy in ensuring financial security in martial law. The economic essence of the term «monetary policy» and the defined main participant of this sector is given. It is noted that the National Bank of Ukraine is considered as the main state institution that complements the state power in the sphere of influence on the banking and non-banking capital of the society. The National Bank of Ukraine performs the main function of controlling the banking sector, which ensures the implementation of monetary policy, and therefore it can be assumed that the central bank is responsible for the monetary security of the state. The article highlights the main purpose of monetary policy in Ukraine. An analysis of the current state of monetary policy of the National Bank of Ukraine during 2018–2021. The dynamics of the US dollar and the euro against the Ukrainian national currency during 2015–2021 has been studied. It is proved that monetary policy is a catalyst for ensuring the financial security of our state and plays an important role in this process. The economic essence of the concept of «monetary security» is highlighted. The place of monetary security in the national security system has been determined. The basic conditions for ensuring monetary security are described. An analysis of the dynamics of monetary security of Ukraine during 2018–2021. In particular, the speed of circulation, inflation rate, volume of foreign currency deposits, monetary multiplier, and others were studied. The dynamics of the level of monetization and the level of dollarization of the economy of Ukraine for 2018–2021 has been studied. The main reasons for the process of dollarization of the economy in Ukraine are identified. The greatest threats to Ukraine’s monetary security were noted. The key tool used by the National Bank of Ukraine to ensure price stability, which will contribute to the growth of monetary security of the state. Measures that are appropriate to implement to address this situation in the context of economic and national security are proposed.

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