Monetary security management in war conditions

The essence of monetary security of the state has been considered in the paper. It has been established that monetary security is considered as a process of ensuring effective monetary policy and as a state of monetary system in scientific literature. It has been determined that the object are certain elements of monetary system of the country, the subjects of monetary security are primarily the central bank, as well as financial institutions, businesses and individuals, the subject of monetary security are measures, aimed at detecting, identifying, monitoring and neutralizing risks and threats arising in monetary sphere. The main indicators used to assess the level of monetary security of the state have been highlighted: the share of cash outside banks in the total money supply; the difference between interest rates on loans granted by deposit-taking corporations in the reporting period and interest rates on deposits attracted by deposit-taking institutions, the level of weighted average interest rate on loans granted by deposit-taking corporations in national currency relative to the consumer price index; the share of consumer loans to households in the overall structure of loans to residents; the share of long-term loans in the total amount of loans granted; the total amount of exports of financial resources outside the country. An analysis of level, dynamics and volatility of monetary security indicators for the period of 2017–2021 and the first quarter of 2022 has been carried out. The main risks and threats to monetary security of the state that arise in conditions of military aggression have been analyzed. The influence of military aggression on the level of indicators of monetary security has been determined. The main measures taken by the National Bank of Ukraine to stabilize the monetary sphere and their effectiveness have been described. It has been noted that in martial law market instruments of monetary policy are not effective, so it is appropriate to use instruments of direct influence. The main innovations of monetary policy in martial law conditions have been considered.