CURRENCY MARKET FUNCTIONING IN THE SYSTEM OF ENSURING THE STABILITY OF THE NATIONAL ECONOMY

The article analyzes the dynamics of the hryvnia exchange rate during martial law. It is shown that it was the result of comprehensive measures of the NBU aimed at ensuring financial stability and supporting the country's economy in wartime. It is proven that the fixed exchange rate helped to avoid instability in the foreign exchange market, which made it possible to avoid a worsening of the situation in the conditions of economic crisis. It was found that thanks to such a policy, it was possible to manage the difference between cash and non-cash exchange rates, which is important for price stability and confidence in the national currency. It has been determined that the key elements of a fixed exchange rate are: foreign aid to stabilize the foreign exchange market by compensating for currency deficits, ensuring critical imports, and supporting foreign exchange reserves; implementation of a roadmap for European integration based on ensuring the stability of the financial system and harmonization with European practices; facilitating the implementation of investment projects; ensuring long-term investments in the economy based on the restoration of production potential, human capital development, structural reforms; possible risks are represented by inflationary pressure, dependence on external sources. It has been proven that the combination of a fixed exchange rate with the inflow of foreign aid ensures the stability of the foreign exchange market, supports the country's financial system and creates the prerequisites for further European integration of Ukraine. Attracting international investments and implementing development projects will contribute to the restoration of economic potential and the creation of stable conditions for growth in the long term. It is shown that the successful exchange rate policy of the NBU during the war and after its end will become an important factor in macroeconomic stability and reconstruction of Ukraine. It is proven that the purpose of the managed exchange rate of the national currency is the abolition of currency restrictions, the implementation of NBU intervention in the interbank foreign exchange market, the mechanism of which has certain features in stable conditions and crisis conditions, the accumulation of international reserves and their strengthening, the liberalization of capital movements, long-term planning and information policy.