FEATURES OF REGULATION OF THE FOREIGN CURRENCY MARKET OF UKRAINE IN THE PERIOD OF FINANCIAL CRISIS

The article defines the role of currency market regulation in the state's implementation of strategic goals for the development of the national economy. An analysis of the concept of «currency regulation» was carried out and the author's interpretation of currency regulation as a certain process, which includes a set of purposeful state measures to stabilize or change existing currency relations, was presented. It was determined that the choice of methods and forms of currency regulation depends not only on the level of development of the country, but also on existing internal economic problems. An analysis of the effectiveness of currency market regulation measures during the financial crisis was carried out in the following areas: regulation of the exchange rate regime, currency devaluation and revaluation, diversification of currency reserves, administrative measures regarding currency regulation. The regulation of the foreign exchange market in Ukraine shows that the National Bank of Ukraine has repeatedly changed its choice at the expense of the exchange rate regime. To analyze the peculiarities of currency regulation, we will use data for the period of four currency and financial crises: 1998–99, 2008–09, 2014–15, and 2022. It was determined that the monetary regime, the anchor of which is a fixed exchange rate, and the currency regulation mechanism are not capable of protecting the national currency from devaluation in the context of the unfolding crisis. Іn the course of the research, it was found that there is no direct connection between the change in the interest rate and the dynamics of the hryvnia exchange rate. Therefore, the NBU used other instruments to support the necessary exchange rate dynamics. Macroeconomic stability in Ukraine requires a managed floating exchange rate that will adequately respond to changes in the trade balance and trends in the free movement of capital. The gradual removal of currency restrictions should be accompanied by measures aimed at simplifying the procedure for the movement of capital, which will make it possible to mitigate the consequences of its rapid «escape» during local, regional and global currency and financial crises. Among the economic instruments, the most effective are the interventions of the NBU on the interbank foreign exchange market of Ukraine.