Abstract. The purpose of the article is to identify the main factors that constrain lending to enterprises of the agro-industrial complex of Ukraine, to suggest ways to improve their lending system. A systematic approach was chosen as the methodological basis of the study, which provides for a comprehensive study of the bank lending system of the agro-industrial complex. Historical and structural-functional approaches were also used in its analysis. Methods of comparative analysis were used to consider some problems of bank lending to the agro-industrial complex. Of the general scientific methods in this study, methods of analysis and synthesis, induction and deduction were used. The article examines the dynamics and structure of loans to the agro-industrial complex in Ukraine for 2015-2020; the dynamics of interest rates on loans to the agro-industrial complex and the dynamics of agricultural production by UAH 1. credit provision of the agro-industrial complex in Ukraine for 2015-2020. During the analyzed period, these indicators increase or decrease proportionally, as evidenced by the importance of the efficiency of credit support of the agar sector. In 2020, the efficiency of credit provision of the agricultural sector amounted to UAH 11.64, which is UAH 0.4 more than in 2015. The analysis revealed that the agro-industrial complex today has a high need for financial resources. The characteristic of the main problems of the mechanism of crediting of an agro-industrial complex is given. The need to ensure the availability of bank loans has been identified. Stimulating investment lending to agricultural enterprises will have a positive impact on the development of the industry, as well as improve the existing economic situation of rural residents. High demand for credit resources from agricultural producers, the current state and dynamics of lending to the agro-industrial complex in Ukraine allow us to conclude that it is necessary to improve the mechanism of bank loans, develop effective credit products for the agro-industrial complex and strengthen state support for agricultural lending. Keywords: credit, banks, enterprises of the agro-industrial complex, credit programs for the agro-industrial complex. JEL classification G21, Q14 Formulas: 0; fig.:3; tabl.: 1; bibl.: 15.

Охрименко І.Б. к.е.н., доцент кафедри банківської справи та страхування Київський національний економічний університет імені Вадима Гетьмана Білошапка В.С. к.е.н., доцент, професор кафедри банківської справи та страхування Київський національний економічний університет імені Вадима Гетьмана

The article reveals modern trends, the main problems of development of operations of Ukrainian banks with securities are allocated, as well as the ways to solve them are proposed. The authors analyze the current state of banks' securities operations in Ukraine and determine that the issuing activity of banks tends to decrease, while the investment activity of banks in the securities market is growing. It is established that most of the investment operations of banks in the stock market belong to operations with government bonds and NBU certificates of deposit, which reduces the level of diversification of securities portfolios, inhibits economic growth in Ukraine and reduces potential profits of banks. The main problems that hinder the development of banks' operations with securities in Ukraine are presented and characterized. It is established that the low level of development of the securities market not only slows down the intensification of banks in the stock market, but also reduces the quality of rating agencies, and hence the reliability of financial instruments of Ukrainian issuers, including banks, in the international and domestic markets. In order to reduce the existing problems, a list of measures is proposed that will positively affect the volume and quality of banks' operations with financial instruments and will contribute to their further development and improvement. In order to substantiate the most attractive areas of financial investment for Ukrainian banks, a fundamental analysis of the macroeconomic analysis of the economies of Ukraine and the United States, which simulates two types of investment portfolios and evaluates their effectiveness, mainly in terms of profitability but also risk. The simulation results showed that the portfolio of securities with financial instruments of American issuers provides a higher level of yield compared to the portfolio containing securities of only domestic issuers. It is proposed to include in the securities portfolio of Ukrainian banks new financial instruments, in particular "green" bonds and derivatives that will hedge currency and interest rate risk.

The article considers the current problem of strengthening monetary policy in Ukraine. Competent monetary measures of the NBU in the first months of the war ensured the smooth functioning of the banking system and payments in the economy. Fixing the exchange rate was ensured by currency restrictions, as well as foreign exchange interventions. The gradual adaptation of Ukraine's economy to the war and the replacement of psychological shock by economic logic require a change in approaches to monetary policy. The article substantiates the need to strengthen the monetary policy of the NBU. Strengthening the monetary policy of the NBU is aimed at compressing the money supply, and its effectiveness depends on the coordination of measures with the government. The way in which inflation expectations are formed influences the consequences of monetary policy. Therefore, the NBU, which aims at price stability, should take into account the inflation expectations of economic agents when planning monetary measures. Adaptive and rational hypotheses of inflation expectations are estimated. It is established that the reasons for the differences in the mechanisms of inflation expectations are explained by rational expectations and ways of disseminating information. It is concluded that the main focus in assessing monetary policy is to determine the characteristics of the factors shaping inflation expectations in Ukraine. The NBU can increase the effectiveness of monetary policy by developing and implementing measures to strengthen the impact on inflation expectations of economic agents.

The paper deals with the basic concepts and key problems of creating financial stability, as well as the role of central banks in its provision. The role of central banks in providing financial stability is extremely important and has a double manifestation -is the maintenance of the stability of the national currency and the responsibility for the stability of commercial banks and the banking system. The central element of any financial system is always banks, so the emergence of systemic instability in the bank ing sector always has a negative impact on financial stability in general and has extremely negative socioeconomic implications for the country as a whole. The present study provides a thorough analysis of the essence of financial stability, the main challenges faced by central banks in monitoring financial sector and examines the global experience of central banks of different countries to ensure financial stability and their role in these processes. This paper highlights the common and distinctive features of the activities of the central banks of the most developed and developing countries towards the achievement of financial stability. Our paper focuses on the activities of the National Bank of Ukraine. In particular, its role in ensuring financial stability of the country is described and directions of its consolidation are indicated. The major task of the National Bank of Ukraine on the way to financial stability in the post -crisis period selected, the maximum possible mitigation Ukrainian banks consequences of the global financial crisis; increase of financial stability of banking institutions; strengthening of public confidence in banks and the banking system. As a result of the conducted, the key factors of achievement of the set tasks, as well as the main directions of application of monetary instruments of the National Bank of Ukraine in the activities aimed at increasing the stability of banks and ensuring financial stability, were determined.