Burkovskaya A., PhD (Economics), Associate Professor, Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University

ORCID ID: 0000-0003-4158-1721
e-mail: burkovskaya@mnau.edu.ua

Shevchenko V., Applicant for Higher Education, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

Features of Currency Regulation in Ukraine

Introduction. Despite the fact that most countries in the world today are increasingly using market levers to manage economic processes, the need for quality regulatory support for such management by the state is growing. This is explained by the fact that market mechanisms function more effectively when the state creates the necessary legal environment, which not only determines the rights and obligations of each economic entity, but also takes into account the trends of the modern scientific paradigm in the sphere of state regulation of the economy. That is, the state through the improvement of legislation is able to promote the development of market relations, including in the currency field.

Purpose. The main purpose of the research is to analyze the new rules of currency regulation and currency control in Ukraine.

Results. The article analyzes the new rules of currency regulation and currency control in Ukraine, which came into force on February 7, 2019. Prospects for further development of Ukrainian legislation on currency regulation and currency control are considered. The main factors influencing changes in the currency legislation of Ukraine are analyzed. It has been researched that the new currency regulation provides for determination of the rights and obligations of each economic entity, taking into account the trends of modern business development not only in Ukraine but also abroad. The contribution of well-known scientists to the legal framework of monetary policy and currency control at the state level has been studied. The reasons of transition of the National Bank of Ukraine from the system of total currency control for each conducted operation to currency supervision are analyzed and the principles of its construction are determined. Based on the analysis of changes in the system of currency regulation and currency control conducted in this article, the main goal of the National Bank of Ukraine is determined.

Conclusions. The analysis of changes in the system of currency regulation and currency control conducted in this article gives an opportunity to determine the main purpose of the National Bank of Ukraine. ЇЇ The bottom line is that the basic condition for simplifying the business and improving the investment climate in Ukraine, the increase of foreign capital and sustainable economic growth is the removal of all available restrictions and the transition to the free movement of capital regime. It is too early to conclude on this point. In the future, the pace of improvement of macroeconomic and financial conditions in Ukraine will be indicators of the effectiveness of the changes.

Keywords: currency regulation; currency control; monetary policy; currency legislation; subsidy for currency regulation.

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