МОНЕТАРНА ПОЛІТИКА НАЦІОНАЛЬНОГО БАНКУ УКРАЇНИ В УМОВАХ ПОВНОМАСШТАБНОЇ ВІЙНИ

The large-scale war of the Russian Federation against Ukraine, causing colossal damage to Ukrainian society and economy, led to a significant increase in state spending, primarily on defense, which required the maximum mobilization of external and internal sources of financing the budget deficit. The national currency was subjected to strong inflationary and devaluation pressure, which required an immediate response from the National Bank of Ukraine (hereinafter referred to as the NBU). The general background for the abovementioned dramatic events was the "post-Covid" acceleration of inflation rates in the world and the resulting increase in interest rates by the leading central banks. The article analyzes the key decisions of the NBU in the field of monetary policy during the war from the point of view of their compliance with the challenges of wartime and in the context of the main trends of monetary regulation in the world. It was concluded that the NBU managed to ensure macro-financial stability, but its monetary policy did not fully take into account the needs of the state in financing military expenditures. [ABSTRACT FROM AUTHOR]