Key directions for improving monetary policy in Ukraine

Анотація

Introduction. In recent years, the banking system of Ukraine as a whole has been faced with a permanent liquidity surplus, which is largely directed not to the development of domestic production, stimulation of effective demand and growth of consumption through the mechanism of credit support for enterprises and the population, but to financing the budget deficit and short-term investments in liquidity sterilization tools offered by the regulator. Thus, an obvious contradiction is formed between the strategic objectives of the state and the tactical interests of participants in the credit resources market. Problem Statement. Analysis of the main factors of intensification of bank lending to enterprises in the real sector of the economy and mortgage lending and justification of the list of measures taken by the state aimed at solving existing problems in this area. The purpose is analysis of key obstacles standing in the way of intensification of bank lending to enterprises in the real sector of the economy and mortgage lending, and justification of proposals for overcoming them. Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. Results. Some controversial aspects of the implementation of monetary policy in Ukraine are analyzed, in particular, factors that hinder the activation of lending to enterprises in the real sector of the economy and mortgage lending. A list of measures aimed at solving existing problems is determined, including a gradual decrease in the yield of government securities, correction of the operational design of government credit programs, improvement of the regulatory framework in the field of banking regulation and currency regulation, improvement of the personal income taxation mechanism. Recommendations are proposed for organizational and legislative support of these measures. Conclusions. The state's monetary policy in recent years has been quite satisfactorily solving the problems of price and financial stability, but requires some improvement within the framework of the third goal defined by Article 6 of the Law of Ukraine on the National Bank of Ukraine, namely, promoting sustainable economic growth and supporting the economic policy of the government. To this end, it is proposed to take certain comprehensive measures by the National Bank of Ukraine, the Cabinet of Ministers of Ukraine, and the Verkhovna Rada of Ukraine.

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