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Czasopismo: Bezpieczny Bank

Banking System in Ukraine 2022: Before and in the Wartime

Oleksiy Druhov , Vira Druhova

Język: EN | Data publikacji: 14-04-2022 | Abstrakt | s. 33-48

The article presents a study of the main determinants shaping the banking system of Ukraine in the 2018-2021 period, before the Russian invasion. In particular, the level of capitalization of the banking system, the number of banks in liquidation, the dynamics of assets growth and other indicators of the banking system were analyzed. Then the paper analyses the main measures introduced by the National Bank of Ukraine after February 24, when the Russian Federation started the war with Ukraine. These operational measures included: regulation of the foreign exchange market, ensuring the liquidity of the banking system, the operation of the electronic payment system and support for social benefits, the liquidation or preparation for the nationalization of Russian-controlled banks in Ukraine. The article also presents the  assessment of the financial situation in Ukraine, after the first month of the war.

2022-04-14



Czasopismo: Bezpieczny Bank

How is the post-pandemic economy transforming into a post-war economy in Ukraine: challenges for economic policy and society?

Oleksandra Moskalenko

Język: EN | Data publikacji: 14-04-2022 | Abstrakt | s. 9-32

The article considers the specifics of the Ukrainian economic transformation under the impact of recent macroeconomic shocks, i.e. the world pandemic and the war. The main goal of the research is the analysis of the challenges to the Ukrainian economy and society under the pandemic and the military aggression and economic policy instruments that the government used. An analysis of the new business cycle for Ukraine in W-form is presented with an explanation of the recovery trajectories, where international economic support plays its significant role The directions of and financial resources for the recovery of Ukraine's post-war economy have been identified, including international assistance from partner countries (EU members, USA, and others), international organizations (IMF, World Bank Group, UNDP), and the Solidarity Fund that is going to be created. Preliminary estimates of damage to transport and social infrastructure, housing, and other material losses, as well as the problem of forced emigration of Ukrainian citizens are presented in this-article. The paper includes the IMF's assessments of how the war in Ukraine impacts the global economy and its practical recommendations for monetary and fiscal policies for governments.

2022-04-14



Czasopismo: Bezpieczny Bank

Sytuacja finansowa na Ukrainie i środki zapewniające jej stabilność w czasie wojny

Bogdan Pshik , Roman Oleynyuk

Język: PL | Data publikacji: 14-04-2022 | Abstrakt | s. 65-79

Celem artykułu jest prezentacja sytuacji finansowej Ukrainy w czasie trwającej wojny z Rosją i ukazanie działań podejmowanych przez ukraińskie państwo, aby zapewnić stabilność systemu finansowego w ekstremalnej sytuacji. Przedstawiono decyzje Narodowego Banku Ukrainy, mające na celu ograniczenie inflacji, utrzymanie stabilności narodowej waluty (hrywny) i systemu bankowego. Scharakteryzowano źródła pomocy finansowej dla Ukrainy z uwzględnieniem możliwości wewnętrznych i pomocy międzynarodowej.  Ponadto, ukazano zadania stojące przed państwem ukraińskim, które pozwolą na jego odbudowę gospodarczą, społeczną i polityczną po zakończeniu zmagań wojennych. W pracy wykorzystano oficjalne materiały Narodowego Banku Ukrainy, Ministerstwa Finansów, Ministerstwa Polityki Społecznej oraz Państwowej Służby Statystycznej Ukrainy.

2022-04-14



Czasopismo: Bezpieczny Bank

Activities of the National Bank of Ukraine under Martial Law

Sophia Lobozynska , Iryna Skomorovych , Ulyana Vladychyn

Język: EN | Data publikacji: 14-04-2022 | Abstrakt | s. 49-64

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.

2022-04-14