Challenges to the economic security of the state in the monetary sphere

Анотація

A set of challenges to the economic security of the state in the monetary sphere has been studied, related to the growth of inflation rates, the increasing dependence of international reserves on foreign aid from donor countries, stagnation in the sphere of corporate lending, a high share of problem bank loans, a chronic deficit in foreign trade in goods and services, and the preservation of a mediocre level of financial inclusion. The relevance of these challenges for Ukraine during 2025 has been determined.As part of the state’s response to these challenges, the feasibility of resuming the procedure for the mandatory sale of part of the foreign exchange earnings of exporting enterprises has been substantiated; the repayment of the accumulated debt of the state to participants in the government credit program “Affordable Loans 5-7-9%”; the adjustment of the program’s current requirements for potential borrowers regarding the compliance of their projects with the World Bank’s ESG standards, which “cut off” a significant share of clients from lending; ensuring a positive rate of return on hryvnia financial instruments (time deposits of individuals, NBU deposit certificates, OVDP) relative to the current level of inflation; ensuring a parity rate of return on OVDP and three-month NBU deposit certificates with a gradual decrease in both of these indicators; reducing the NBU discount rate only after a decrease in inflation indicators; developing a mechanism for improving non-performing loans by establishing a state institution for administering problem assets in order to consolidate non-performing loans provided by state banks, with the possibility of involving other banks in this process; implementing a set of measures aimed at stimulating exports and limiting unproductive imports of certain commodity items that are not critically important for the consumer market and the smooth functioning of the economy; legislatively enshrining a moratorium on the closure of operating branches of state banks, regardless of their level of profitability.

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