THE IMPACT OF THE WAR ON THE LEVEL OF CURRENCY REGULATION IN UKRAINE
DOI:
https://doi.org/10.32782/2311-844X/2023-2-9Keywords:
banks, currency, currency regulation, exchange rates, currency values, banking supervision, currency transactions, currency transfersAbstract
The article deals with theoretical aspects, principles and factors that influence the level of currency regulation in Ukraine. The author identifies the constituent elements of currency regulation, which include: international monetary and financial cooperation, currency policy, currency control and banking supervision, exchange rates, interest rates on currency transactions, and the volume of currency transfers. The subjects of currency regulation are: The National Bank of Ukraine, banking institutions, financial, leasing and insurance companies, credit unions, individuals and legal entities (enterprises and companies). The main law of Ukraine governing currency regulation is the Law of Ukraine "On Currency and Currency Transactions". The most effective instrument of currency regulation is the issuance of licenses for: money transfer, trade in currency values, settlement of currency transactions, factoring operations, and other types of financial services. It is determined that the beginning of Russia's full-scale invasion of Ukraine and the protracted military conflict had a negative impact on exchange rates and the volume of foreign exchange transactions of individuals, legal entities, and banking institutions. The volume of non-cash foreign currency payments by domestic banks' clients decreased by more than 60% in 2023 compared to 2021. The largest volumes of cross-border transfers to Ukraine were made from Italy (23.44%), Israel (17.80%), the United States (15.57%), Germany (6.65%), Poland (3.88%), and 32.67 other countries. It is determined that the war in Ukraine has had a negative impact on the volume of foreign currency loans to both individuals and legal entities, but the volume of foreign currency deposits has increased. Since currency regulation is an important component of the economic and international development of the State, to ensure transparency of the foreign exchange market, it is advisable to identify areas for its improvement in the current conditions: to increase the level of administrative or criminal liability for violation of currency legislation, to strengthen cooperation with the State Financial Monitoring Service, to optimize the system of money transfers through international payment systems for residents, etc.
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