CURRENT STATE OF MONETARY AND CREDIT POLICY IN UKRAINE

Introduction. The current state of monetary policy in Ukraine reflects the challenges posed by economic instability and external threats, including the military conflict. The National Bank of Ukraine actively uses a variety of monetary policy instruments to maintain financial stability, curb inflation, and stimulate economic growth in a difficult environment. Purpose. This study is aimed at assessing the current state of Ukraine's monetary policy in the context of a prolonged war and martial law. Materials and methods. The materials of the study are: 1) regulatory and legal support of monetary policy; 2) scientific works of domestic authors who have studied the development of monetary policy; 3) analytical reports of the NBU; 4) statistical data. The study was conducted using general scientific methods, in particular, the methods of economic and statistical analysis, description and generalisation, comparison, as well as methods of induction and deduction. Results. The study found that the most popular instruments currently used by the NBU are interventions in the foreign exchange market, interest rate policy, operations to regulate the liquidity of banks, and other instruments (mandatory reserves, repurchase agreements, purchase and sale of government securities, swap transactions). The study assesses the state of current monetary policy in Ukraine using the analysis of the NBU's foreign exchange interventions and the dynamics of the key policy rate from 2022 to 2024. The impact of monetary policy on the exchange rate, inflation, and financial stability is also determined. The conclusions show that the use of various monetary instruments helped to stabilise inflationary processes and provided a timely response to external and internal economic challenges. Prospects. Further research could focus on assessing the effectiveness of monetary policy measures in the context of ensuring financial stability and reducing inflationary risks in an unstable environment.