УДК: 336.711(477)

DOI: ://doi.org/10.36887/2415-8453-2021-1-13

Volodymyr Zakharchenko
Doctor of Economics, Professor, Department of Administrative Management and Alternative Energy Sources, Vinnytsia National Agrarian University

JEL classification: E42; E52


The purpose of the article is to highlight and study the stages of development of the monetary-credit system (MCS) of independent Ukraine in the aspect of the sufficiency and transformation of its institutional support. There are six stages in the development of the MCS of Ukraine. It is emphasized that at the first stage (1991-1995) the problems of the formation of the MCS of Ukraine were associated with the transition to market relations, legislative support and the formation of basic institutions – the National Bank of Ukraine, commercial banks, and other institutions. The NBU’s efforts during this period were aimed at introducing the national currency, but this was seriously hampered by the large monetization of budget spending, which caused hyperinflation. It is shown that the second stage (1996-1998) began with the introduction of the national currency (hryvnia). Subsequently, the foreign exchange and stock markets were strengthened, which caused a positive dynamics in macroeconomic indicators, which, however, was “shaken” by the world financial crisis of 1998. It is noted that at the third stage (1999-2008) an important role in the stabilization and development of the country’s MCS played adoption of the law “On the National Bank of Ukraine”. It clearly outlined the functions of the NBU and the tasks for the development of the secondary securities market and lending to the economy, the implementation of which was prevented by the global financial crisis of 2008. It is shown that at the fourth stage (2009-2014) the State Civil Service of Ukraine relatively quickly overcame the negative consequences of the global crisis, but suffered another blow as a result of the Russian-Ukrainian war, which began in 2014. Due to a sharp drop in the exchange rate, there was a landslide drop in household savings, the performance of the banking system and the national economy as a whole worsened. It was noticed that at the fifth stage (2015-2019) in order to overcome the consequences of the financial destabilization of the war period, measures were taken to introduce inflation targeting, remove some of the restrictions on the foreign exchange market, stress testing and “cleanse” the banking system. The sixth stage (from 2020) is highlighted taking into account the onset of the next global financial crisis, accelerated by the coronavirus pandemic.

Key words: monetary system of Ukraine, institutions, legislative support, National Bank of Ukraine, commercial banks, stages of development.


  1. Arutiunian, S.S. (2019). Evoliutsiia finansovo-ekonomichnoi systemy Ukrainy, yii etapy ta chynnyky rozvytku v Ukraini. [Evolution of the financial and economic system of Ukraine, its stages and factors of development in Ukraine] / Baranovа V.H. & Honcharenko O.M. Rozvytok finansovoho rynku Ukrainy v umovakh yevropeiskoi intehratsii: problemy ta perspektyvy [Development of the financial market of Ukraine in the conditions of European integration: problems and prospects]. Kharkiv: «Disa plius», pp. 21-30.
  2. Beznoshchenko, M. (2011). «Evolution of monetary policy of Ukraine and prospects for transition to targeting». Doslidzhennia mizhnarodnoi ekonomiky. No. 2 (67), pp. 223-234.
  3. Hrebenyk, N.I. (2007). «The main milestones in the formation and conduct of monetary (monetary) policy. Article one. Formation of monetary policy in independent Ukraine». Visnyk Natsionalnoho banku Ukrainy. No. 5, pp. 12-22.
  4. Hroshovi reformy (2000). Ekonomichna entsyklopediia: U trokh tomakh. T. 1 [Monetary reforms. Economic Encyclopedia: In three volumes. T. 1] / Mochernyi, S.V., ed. Kyiv: Vydavnychyi tsentr «Akademiia». Available at: http://www.ukr.vipreshebnik.ru/entsiklopediya/49-g/740-groshovi-reformi.html.
  5. Dziubliuk, O.V., ed. (2007). Hroshovo-kredytna systema Ukrainy v umovakh rynkovykh peretvoren v ekonomitsi. [The monetary system of Ukraine in terms of market transformations in the economy]. Kart-Blansh. Ternopil. Ukraine.
  6. Dalhych, K.V. (2018). «Problems, tendencies and directions of improvement of institutional development of the banking system of Ukraine». Vcheni zapysky Tavriiskoho natsionalnoho universytetu imeni V. I. Vernadskoho. Seriia: Ekonomika i upravlinnia, Vol. 29(68), No 3, pp. 158-164.
  7. Diakonova, I.I. (2009). «Historical aspects of the development of the banking system of Ukraine». Ekonomika promyslovosti. No. 2, pp. 10-18.
  8. Karcheva, H.T. (2005). «Features of formation and development of the banking system of Ukraine». Ekonomika i prohnozuvannia. No. 2, pp. 93-102.
  9. Baranovskyi, O.I., etc. (2008). Rozvytok bankivskoi systemy Ukrainy. [Development of the banking system of Ukraine] / DU «In-t ekonomiky ta prohnozuvannia» NAN Ukrainy. Kyiv. Ukraine.
  10. Salo, I.V. (2013). «Monetary reform of 1996 – the introduction of the national currency of Ukraine – the hryvnia». Visnyk Ukrainskoi akademii bankivskoi spravy. No. 1, pp. 24-31.
  11. Skomorovych, I. I. (2017). Evoliutsiia ta funktsionuvannia hroshovoi systemy v Ukraini [Evolution and functioning of the monetary system in Ukraine]. D. Sc. Thesis: 08.00.08. LNU im. I. Franka. Lviv. Ukraine.
  12. Stratehiia rozvytku finansovoho sektoru Ukrainy do 2025 roku. [Strategy for the development of the financial sector of Ukraine until 2025]. (2020). / Ministerstvo finansiv Ukrainy [Ministry of Finance of Ukraine], January 16. Available at: https://mof.gov.ua/storage/files/Strategija_financovogo_sectoru_ua.pdf

The article was received 15.01.2021