Annotation

Monetary (monetary and credit) policy is one of the key mechanisms for ensuring financial and economic stability. Price stability, aggregate demand, credit and investment activity, economic growth, and therefore the readiness of the economy to resist external aggression, the sovereignty and independence of the country depend on the effectiveness of monetary implementation.

The article examines the peculiarities and essence of the monetary policy of Ukraine. One of the prerequisites for the successful application of the selected monetary policy is to take into account the current economic conditions and develop such mechanisms for the introduction of monetary influence on the economy, which will maximally meet the national specificities and eliminate the influence of negative factors on the transmission channels of monetary regulation.

The main principles of the monetary policy of the National Bank of Ukraine are analyzed. The goal of the monetary policy of Ukraine in accordance with the Constitution of Ukraine is emphasized. The impact of monetary regulation instruments on the development of domestic banks and the economy as a whole is substantiated.

The key priority of monetary policy is to achieve price stability. Favorable conditions for ensuring economic growth and a high level of employment are outlined. The inflation targeting regime, stages of transition to it and its key elements are characterized. The principles of condicting the monetary and credit policy in Ukraine are listed and the available monetary instruments are named. The method of achieving quantitative goals for a manageable level of inflation through the implementation of interest policy and the mechanism of influence of the Ukrainian index of interbank rates for loans and overnight deposits (UIIR) on the goals of the interest policy, which is an indicator of the level of interbank interest rates in the national currency, are reflected.

The study is focused on the importance of conducting an effective monetary policy in the context of a crisis in the country's economy, because the consequences of the war in Ukraine will be felt far beyond its borders. Therefore, the main priority of Ukraine’s monetary policy today is to maintain the country’s economy at the proper level.