Data publikacji : 2022-04-14

Activities of the National Bank of Ukraine under Martial Law


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.

Słowa kluczowe:

financial stability, foreign exchange market regulation, liquidity of the banking system, cash flows, military bonds, military refinancing, international macroeconomic financial assistance

Kody JEL

E52, E58, G18





Pobierz pliki

pdf.eng (English)

Zasady cytowania

Lobozynska, S., Skomorovych, I., & Vladychyn, U. (2022). Activities of the National Bank of Ukraine under Martial Law. Bezpieczny Bank, 86(1), 49–64.

Wskaźniki altmetryczne

Cited by / Share

Redakcja czasopisma
ul. ks. Ignacego Jana Skorupki 4
00-546 Warszawa

O platformie:
Copyright 2019 by
OJS Support and Customization by LIBCOM
Platform & workfow by OJS/PKP