Main directions of cash flow improvement in Ukraine (with taking into account foreign experience)

Анотація

Introduction. The main problems of cashless circulation in Ukraine are the problems of replacing or withdrawing some monetary marks from it and moving to a new (delegated) model of its organization. In solving these problems, the key role belongs to the National Bank of Ukraine. When deciding them, it is important that all participants in monetary circulation rely on foreign experience and existing scientific developments. The purpose of the paper is to study the current state of cashless circulation of Ukraine, identify the most significant problems and determine specific measures to improve cash payments and transition to the modern model of its organization. Results. The paper analyzes the main reasons for the replacement or withdrawal of cash: devaluation of the national currency; change in the scale of prices, which causes the denomination of the currency; the need to optimize the banknote-coin range of the national currency, as well as the structure of cash in circulation; economic expediency of issuing coins instead of banknotes of small denominations; insufficient protection of monetary marks from forgery; physical wear and damage to banknotes; orientation of financiers to large-scale banknotes; the risk of viral infection of people through cash; expansion of electronic money; transition to the use of plastic money; withdrawal from circulation of the Russian ruble in the territories occupied by Russia. In the modern period, in many countries, including Ukraine, it is necessary to switch from a partially controlled model of organization of cash flow to a delegated model. The essence of this model is that the central bank transfers on the terms of outsourcing some of the functions that it currently performs in the regions, other market participants – banks and companies Cash-in-Transit (SIT-companies). Conclusion. To improve cash flow in Ukraine, first of all, it is necessary to adhere to the inflation target of up to 5 %, consider the possibility of hryvnia denomination, complete the ordering of its banknote and coin series, and increase the security of large denomination banknotes. And the introduction of the delegated cash flow model should contribute not only to reducing costs for it, but also to the development of a competitive market for cash collection services.

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