Monetary circulation and the monetary system of Ukraine under martial law: problems and development prospects

Анотація

The article analyses the current state of monetary circulation and the functioning of Ukraine’s monetary system under martial law. The key challenges are identified, including high dollarization, inflationary pressure, increased budget expenditures on defence, and humanitarian measures. The impact of military actions on the structure of the money supply is examined, highlighting the growth in the share of cashless transactions and the decline in the share of cash in the total money supply. The purpose of the study is to identify specific changes in the structure of monetary circulation and the monetary system of Ukraine under martial law and to substantiate recommendations for stabilizing and further developing the national monetary system. Methodology. The study employs general scientific methods of cognition, including analysis and synthesis to assess key trends in monetary circulation; comparison to analyse changes in the structure of the money supply; generalization to formulate practical recommendations; and statistical methods to evaluate the dynamics of key macroeconomic indicators and their impact on monetary circulation. Results. The research demonstrates that monetary circulation in Ukraine exhibits contradictory trends, including simultaneous growth in cashless transactions and the overall money supply amid economic instability. Measures are proposed to limit the use of cash foreign currency, stimulate cashless transactions, and enhance the transparency of monetary circulation. Recommendations are developed to strengthen monetary policy, integrate electronic payment instruments, and build trust in the national currency.

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