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Author
Lobozynska Sophia (Ivan Franko National University of Lviv, Ukraine), Skomorovych Iryna (Ivan Franko National University of Lviv, Ukraine), Vladychyn Ulyana (Ivan Franko National University of Lviv, Ukraine)
Title
Activities of the National Bank of Ukraine under Martial Law
Działalność Narodowego Banku Ukrainy w warunkach wojny
Source
Bezpieczny Bank, 2022, nr 1 (86), s. 49-64, rys., bibliogr. s. 62-64
Keyword
System bankowy, Stabilność finansowa, Konflikty zbrojne, Przepływy pieniężne, Pomoc finansowa, Obligacje
Banking system, Financial sustainability, Armed conflicts, Cash flows, Financial aid, Bonds
Note
JEL Classification: E52, E58, G18
streszcz., summ.
Country
Ukraina
Ukraine
Abstract
Inwazja wojsk rosyjskich na terytorium Ukrainy stworzyła nowe wyzwania dla Narodowego Banku Ukrainy (NBU). Stosując analizę systemową, autorki badają skuteczność stosowania przez NBU instrumentów sterowania bezpośredniego w polityce pieniężnej. Analiza pokazała, że NBU w odpowiednim czasie podjął niezbędne środki w celu zapewnienia sprawnego funkcjonowania gospodarki kraju, wprowadzając refinansowanie wojskowe w celu wsparcia płynności systemu bankowego, ustalając stały kurs walutowy i szereg ograniczeń na rynku walutowym. Przedstawiono działania NBU mające na celu zapewnienie gospodarce środków na finansowanie obronności poprzez emisje i kupno obligacji wojskowych rządu Ukrainy, przekazywanie zysków do budżetu państwa, nawiązywanie relacji z międzynarodowymi organizacjami finansowymi i rządami innych państw. W celu uzyskania szybkiego efektu tych działań NBU udzielił rządowi kredytu poprzez zakup obligacji wojskowych na rynku pierwotnym. Na dłuższą metę NBU musi zrezygnować z podporządkowania się rządowi i przejść do stosowania instrumentów rynkowych polityki pieniężnej. (abstrakt oryginalny)

The full-scale invasion of Russian troops into Ukraine has created new challenges for the National Bank of Ukraine (NBU). In the article the authors have used system analysis to study the efficiency of the direct methods of the NBU in regulating the money market. It was established that the NBU took timely measures to ensure uninterrupted functioning of the country's economy by introducing military refinancing to maintain the liquidity of the banking system, set a fixed exchange rate and low restrictions on the foreign exchange market to restrict the rapid devaluation of the national currency. The activities of the NBU to fill the economy with money to finance significant military expenditures by buying and selling military bonds of Ukrainian Government, transferring profits to the State Budget, establishing relations with international financial organizations. In order to achieve a rapid effect of preventive measures, the NBU provides direct lending to the Government through the purchase of military bonds on the primary market. In the long run, the NBU should abandon its subordination to the Government and move to market-based monetary governance. (original abstract)
Accessibility
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Bibliography
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Cited by
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ISSN
1429-2939
Language
eng
URI / DOI
http://dx.doi.org/10.26354/bb.3.1.86.2022
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