The role of the central bank in strengthening the resilience of payment mechanisms in times of crisis

Abstract

The purpose of the article is to provide a comprehensive theoretical generalisation and an in-depth justification of the central bank’s role in enhancing the resilience of payment mechanisms under conditions of heightened economic and geopolitical uncertainty. The study aims to substantiate how the implementation of a national digital currency and modernised regulatory approaches can strengthen the stability of the financial ecosystem, ensure uninterrupted functioning of the payment infrastructure, and reduce systemic vulnerabilities that may emerge or escalate during crises. In addition, the article seeks to identify the most effective institutional mechanisms, technological solutions, and policy tools that enable the central bank to maintain trust in the monetary system, safeguard the integrity of financial transactions, and prevent the transmission of financial shocks across the economy. The study summarises theoretical and methodological approaches to determining the role of the central bank in strengthening the stability of payment mechanisms in crisis conditions. It has been proven that the effectiveness of the financial system largely depends on the central bank's ability to provide timely liquidity support, monitor risks, coordinate actions with other government agencies, and influence the formation of economic expectations of market participants. It has been established that the central bank performs key functions to ensure the stability of the payment infrastructure: from regulating banking activities and maintaining macrofinancial stability to implementing anti-crisis measures aimed at preventing the spread of systemic instability. The use of a comprehensive set of monetary, supervisory and administrative tools makes it possible to minimise the impact of financial shocks, maintain confidence in the banking system and ensure the continuity of payments. The experience of the National Bank of Ukraine confirms that the stability of payment mechanisms during periods of armed aggression and economic challenges largely depends on the speed of regulatory decisions, the ability to adapt risk management approaches, and the implementation of crisis support instruments for the banking sector. Further strengthening of the payment infrastructure requires improving the system of stability indicators, developing technological solutions, and enhancing coordination between state and international institutions. The results obtained allow us to form scientifically sound approaches to strengthening the role of the central bank in maintaining financial and payment stability, which is important for ensuring sustainable economic development in the context of growing global and domestic risks.