MONEY-CREDIT INSTRUMENTS FOR THE PROVISION OF FINANCIAL SECURITY OF UKRAINE

In the conditions risks of destabilization of the financial and economic situation in Ukraine as a result of hostilities, trade war with the aggressor country, unfavorable macroeconomic conditions, and an aggravation of imbalances in the fiscal and monetary spheres, the problem of ensuring the state financial security is intensifying. The purpose of the article is to analyze the functioning of the domestic monetary sphere, to identify the priority areas for improving monetary and credit policy in the system of strengthening Ukraine’s financial security, as well as to develop strategic approaches and instruments for the development of monetary circulation and credit relations as a prerequisite for ensuring the state financial security. It has been established that today the most significant challenges for the state’s financial security, due to the shortcomings of the functioning of the domestic monetary sphere, are: the instability of the national currency, unbalanced structure of money supply, the critically high level of monetization of the national economy, the increasing of the level dollarization of money circulation, the ineffective transmission mechanism of monetary policy, the high cost of bank lending, the slow dynamic of deposits attracted by banks, the high level of dollarization of bank loans and deposits. In view of the identified challenges, the priority directions of improvement of monetary policy in the system of strengthening of financial security of Ukraine were substantiated, among them: development of the secondary market of securities; improvement of the internal state debt policy; increasing of the supply of long-term credit and investment resources; development of alternative banking mechanisms of accumulation and savings of funds by citizens; improvement of life insurance and collective investment; increasing of the state regulation efficiency of financial institutions. Monetary-credit instruments have been substantiated to achieve the identified priorities.