FOREIGN EXCHANGE RELATIONS — COMPETENCE OF BANKS AND STATE BODIES IN UKRAINE

Abstract

The problem of currency relations in Ukraine is that they are broken down by law and reflected in a large number of different legal acts. In its turn, financial sanctions are not effective in the current state of enterprises, institutions, organizations and individuals, at the expense of which the budget of the state is filled. And the global problem of currency liability in Ukraine is that it is broken down by law and reflected in a large number of different legal acts. In turn, financial sanctions are not profitable in the current state of enterprises, institutions, organizations and individuals, through which the budget of the state is filled. This problem requires a solution in the form of codification and systematization of modern currency legislation, that is, bringing it to a certain system with logical consistency. And also introduction of positive foreign experience of application and quality of sanctions for violation of currency legislation will lead to improvement of the state of the currency economic sector of Ukraine. Analyzing currency liability in Ukraine, we come to the conclusion that some of today's currency restrictions are not relevant in the current economic situation in Ukraine. Instead of establishing a balance between foreign currency and national currency, currency constraints lead to an oversaturation of the foreign exchange market of Ukraine with foreign currency and impede the economic activity of both non-residents and residents, which also leads to the spread of shadowing of their activities.