Economic competence of National Bank of Ukraine

Abstract

Economic competence of National Bank of Ukraine is analyzed in the article. The scopes of National Bank of Ukraine’ participation in economic relations are explored and the need to limit its economic legal authority.

According to the Constitution of Ukraine on the National Bank of Ukraine, as the central bank of the state, laid quite important function - ensuring the stability of the currency - the hryvnia. In addition, the National Bank of Ukraine is the subject of legal relations, on one side it is their regulator, on the other - a direct participant. It is needed therefore to study the limits of economic and legal competence of the institution. The article is an analysis of the economic competence of the National Bank of Ukraine, based on its administrative-legal and economic-legal status and justification of appropriate limits of its participation in economic relations. Complexity study of the subject provoked multidimensional legal status of the National Bank of Ukraine as a participant of legal relations, as its rights and obligations are determined by bank, financial, administrative, economic and civil law. First of all, it should be noted that the legal status of the National Bank of Ukraine by the Law of Ukraine "On the National Bank of Ukraine", according to which it is the central bank of Ukraine, especially the central government, legal status, tasks, functions, powers and organization principles are determined by the Constitution and legislation of Ukraine. A special legal status of the National Bank of Ukraine caused by the fact that it is the body that has the appropriate administrative and regulatory powers (an authority), and the legal person that may be the entity. Thus, the state as multidimensional socio-legal phenomenon through the relevant bodies has the opportunity to participate in economic relations agencies by providing legal status. This approach including meet enshrined in the Civil Code of Ukraine legal forms of participation of the state in civil relations (Art. 167, 170). Analysis of the legislative and scientific views on the status of the National Bank of Ukraine, lead to the following conclusions. First, the National Bank of Ukraine is the state body charged with the function of providing stability of national currency and banking regulation. Given this, it is endowed with economic competence for external influence on economic relations (as a regulator of relations) and economic legal personality to participate in the treaty economic relations, as well as creating legal entities of public law (as member relations). Secondly, the status of the body as a legal entity does not provide legal business in full, because it is contrary to the principles of its creation and activity, as well as legislation under its competence and restrictions on participation in legal relations. Thirdly, further scientific development of the economic and legal status of the National Bank of Ukraine in conditions of a market economy is needed in order to optimize its functions and powers.