Uman NUH | today: 07/08/2024
| Author(s) |
Бондаренко Н. В., , , Мігур І. О., , , Лиманюк В. В., , , Грицак О. І., , , Заярна К. О., , , |
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| Category | Economics | ||
| year | 2024 | issue | Issue number 104. Part 2 |
| pages | 338-352 | index UDK | 336.143.2 | DOI | 10.32782/2415-8240-2024-104-2-338-352 (Link) |
| Abstract | The article examines and analyzes the effectiveness of various monetary policy instruments adopted by the National Bank of Ukraine (NBU) to achieve macroeconomic stability, with a particular focus on maintaining stable inflation rates. It examines the mechanisms by which these instruments affect the economy and identifies the conditions under which their application is most effective. The authors provide to maintain inflation at the level of the annual growth rate of 5% of the Consumer Price Index NBU monetary policy instruments used to ensure price stability This target value takes into account the details of the Ukrainian economy that keeping inflation to zero may lead to an increase in the vulnerability of the economy to crisis. It is determined that the discount rate set by the NBU for banks and other market participants as a benchmark for the exchange rate. It has been established that the dynamics of discount rates reflect the tight or loose nature of monetary policy and directly affect the inflation process through the mechanism of financial transmission. The article analyzes the changes in the NBU discount rate between 1999 and 2024 and reflects the reaction to financial crises, geopolitical events and other factors affecting the stability of the economy. In particular, the significant rise in key policy rates was aimed at maintaining confidence in the financial system in the face of military threats and instability. The article also focuses on open market operations and refinancing mechanisms as tools to support bank liquidity. Refinancing allows banks to lend more aggressively to businesses and households, stimulating economic growth. The use of these instruments allows the NBU to effectively control the money supply and regulate inflationary pressures, which contribute to the stability of the banking system and the overall development of the country's economy. Thus, the study of this article is aimed at a comprehensive understanding of the role of financial instruments of the NBU in ensuring macroeconomic stability in Ukraine, improving the efficiency of its use and identifying the conditions under which they are most effective. | ||
| Key words | monetary policy, National Bank of Ukraine, interest rates, open market operations, inflation, risks, digitalization, market transformation, monetary instruments | ||