PECULIARITIES OF THE NBU'S CURRENCY POLICY IN CONDITIONS OF INSTABILITY (HISTORICAL AND ECONOMIC ASPECT)

The article explores the specifics of how the National Bank of Ukraine has implemented its foreign exchange policy amid economic and political instability, with consideration given to the historical and economic context. The study employed general scientific methods of cognition: analysis and synthesis; induction and deduction; a systematic and comparative-historical approach; generalization of empirical data. It has been found that the monetary policy of the National Bank of Ukraine during crisis periods (the global financial crisis of 2008–2009, the COVID-19 pandemic in 2020, and the full-scale war in 2022) was characterized by a high level of adaptability to changes in the external environment. During the 2008–2009 crisis, the National Bank of Ukraine actively intervened in the foreign exchange market to stabilize the hryvnia exchange rate. However, this led to a significant decline in foreign exchange reserves and a deep devaluation of the national currency. The foreign exchange strategy of that time could not fully offset the effects of global financial instability, but it laid the groundwork for future reforms in the area of currency regulation. During the COVID-19 pandemic, the NBU maintained a managed floating exchange rate regime with targeted interventions, which helped preserve macro-financial stability without a substantial decrease in reserves. These measures proved effective of state regulation of the economy in calming public fears and stabilizing the foreign exchange market. The study also shows that well-founded interventions helped prevent an inflationary shock, which was particularly important for an import-dependent economy. In the period of full-scale war, the NBU’s foreign exchange policy shifted towards strict regulation, including the introduction of a fixed exchange rate, currency restrictions, and daily interventions. The practical significance of the study lies in the generalization of Ukraine’s crisis management experience in foreign exchange regulation, which may be useful for improving the NBU’s policy in future periods of instability