NBU and Its Role in the Implementation of Monetary and Credit Policy in Wartime
Doroshenko N. O., Kravchenko S. S.

Doroshenko, Nadiia O., and Kravchenko, Svitlana S. (2022) “NBU and Its Role in the Implementation of Monetary and Credit Policy in Wartime.” The Problems of Economy 2:140–144.
https://doi.org/10.32983/2222-0712-2022-2-140-144

Section: Finance and banking

UDC 336.711

Abstract:
The article examines the purpose, methods and tools of the monetary and credit policy of the National Bank of Ukraine. It is determined that the NBU is the main State-authorized institution in Ukraine, which is responsible for planning and implementing monetary and credit policy. Monetary and credit policy is a complex of measures in the field of money circulation and credit, which are intended to ensure the stability of the monetary unit of Ukraine due to the introduction of regulated by law funds and techniques. It is established that the financial sector is the key element of the national economy; its vital functions ensure the sustainable development of the economy, the creation and distribution of financial resources and services, the accumulation of investment capital, as well as the improvement of macroeconomic and monetary indicators. In today's harsh conditions such as: rising inflation, destruction of transport infrastructure, decline of business, reduction of sown areas, blockade of ports, devaluation of the UAH, growth of the budget deficit, issues of monetary regulation are becoming extremely important. The war projected on the country's economy, has become a difficult challenge for the National Bank in improving and adjusting the current monetary and credit policy, finding innovative mechanisms for its implementation. Carrying out an active foreign policy, attracting funds from the IMF, the World and European Banks, opening a special account to raise funds from individuals - these are some of the tools used by the NBU in wartime. On the other hand, the pressure on the world community is aimed at ending trade relations with the aggressor country, helping to minimize any attraction of funds into the Russian budget, thus depriving them of the opportunity to finance the war. Another important tool is the analysis of the world experience of countries in resolving the postwar crisis, and the adoption of their tools and mechanisms for economic recovery - all this is the purpose of this article.

Keywords: National Bank, monetary and credit policy, management, tools, methodology, approaches.

Fig.: 1. Bibl.: 13.

Doroshenko Nadiia O. – Candidate of Sciences (Economics), Associate Professor, Department of Finance and Credit, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: DoroshenkoN@icloud.com
Kravchenko Svitlana S. – Masters Student, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: kravc57@gmail.com

List of references in article

[Legal Act of Ukraine] (1999). http://zakon0.rada.gov.ua/laws/show/679-14
[Legal Act of Ukraine] (2022). https://bank.gov.ua/ua/legislation/Resolution_24022022
[Legal Act of Ukraine] (2022). https://zakon.rada.gov.ua/laws/show/2120-20#Text
“Kyrylo Shevchenko: Ekonomika pochala prystosovuvatysia do viiny“ [Kyrylo Shevchenko: The Economy Began to Adapt to the War]. https://www.epravda.com.ua/publications/2022/04/8/685423/
“Ofitsiinyi sait NBU. Za try misiatsi povnomasshtabnoi viiny Natsbank «nadrukuvav» vzhe 120 miliardiv hryven“ [The Official Website of the NBU. During the Three Months of the Full-scale War, the National Bank Has Already "Printed" 120 Billion Hryvnias]. https://www.epravda.com.ua/rus/news/2022/05/26/687482/
“Uriad pidtrymav propozytsiiu NBU natsionalizuvaty aktyvy Sberbanku i Prominvestbanku“ [The Government Supported the NBU's Proposal to Nationalize the Assets of Sberbank and Prominvestbank]. https://finbalance.com.ua/news/uryad-pidtrimav-propozitsiyu-nbu-natsionalizuvati-aktivi-sberbanku-i-prominvestbanku/amp
Ivanov, S. V. “Ekonomichne vidnovlennia i rozvytok krain pislia zbroinykh konfliktiv ta voien“ [Economic Recovery and Development of Countries After Armed Conflicts and Wars]. Economy of Ukraine. 2019. http://er.dduvs.in.ua//bitstream/123456789/6678/1/Економічне%20відновлення%20і%20розвиток%20країн%20після%20збройних%20конфліктів%20та%20воєн%20невтрачені%20можливості%20для%20України.pdf
“Holova Natsionalnoho banku Ukrainy: Vtraty Ukrainy u viini z Rosiieiu stanovliat 50 % VVP“ [Head of the National Bank of Ukraine: Ukraine's Losses in the War with Russia are 50% of GDP]. https://www.asahi.com/ajw/articles/14619106
[Legal Act of Ukraine] (1999). http://zakon0.rada.gov.ua/laws/show/679-14
Liuzniak, M. E., and Bartosh, O. M. “Instrumenty hroshovo-kredytnoi polityky NBU ta yikh vplyv na depozytnyi i kredytnyi rynky“ [Instruments of Monetary Policy of the NBU and Their Impact on the Deposit and Credit Markets]. Efektyvna ekonomika. 2011. http://www.economy.nayka.com.ua/?op=1&z=838
“NBU pidvyshchyv oblikovu stavku z 10% do 25%“ [NBU Increased the Discount Rate from 10% to 25%]. https://www.epravda.com.ua/news/2022/06/2/687741/
[Legal Act of Ukraine] (2022). https://zakon.rada.gov.ua/laws/show/2075-20#Text
“Interviu z Serhiiem Nikolaichukom, zastupnykom Holovy Natsionalnoho banku Ukrainy «Stres-testuvannia dlia bankiv stalo vazhlyvym elementom pidhotovchoi roboty dlia zabezpechennia stiikosti»“ [Interview with Serhiy Nikolaychuk, Deputy Chairman of the National Bank of Ukraine "Stress Testing for Banks Has Become an Important Element of Preparatory Work to Ensure Stability"]. https://home.kpmg/ua/uk/home/media/press-releases/2022/05/stres-testuvannya-dlya-bankiv-stalo-vazhlyvym-elementom-pidhotovchoyi-roboty-dlya-zabezpechennya-stiykosti.html