Features of Development of the Domestic Mechanism for Monetary Regulation
Journal Title: Бізнес Інформ - Year 2015, Vol 9, Issue 0
Abstract
The article is aimed at studying features of functioning and development of the domestic mechanism for monetary regulation of economy. Role of the National Bank as an institution that determines the domestic monetary system has been analyzed, strengthening of this role in the modernization of the national economy of the State has been substantiated. Dynamics of both the annual average NBU refinancing rate and the interest rates on deposits and loans in national currency have been examined. An analysis of operations on purchase and sale of Government securities at the open market was conducted and the structure of owners of the government debt securities was determined. Actuality of the indicator of economy monetization has been substantiated, changes in the structure of money supply, associated with objective processes in the domestic economy, have been examined. The mechanism for regulation of reserve requirement has been disclosed, a gradual reduction of this instrument's role in the monetary market regulation has been proven. Prospect of further research in this area is improving the management system of the monetary market, a thoroughgoing introduction of the mechanism for inflation targeting, limiting the National Bank's share in the ownership of bonds of internal state loan, lowering the level of cash in the structure of money supply and creating incentives to restore the positive dynamics of economic growth.
Authors and Affiliations
Hanna Stepanova
Keywords
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