Legal acts regulating the Ukrainian currency market are out of date and require radical changes, Deputy Governor of the National Bank of Ukraine (NBU) Oleh Churiy has said.

"In August we created a working group on legalization of currency laws. At the final stage we want to completely change currency laws. How do we see currency liberalization? The main thing is liberalization of the current account or export-import transactions conducted by Ukrainian contractors. In addition, the top-priority is liberalization of direct investment, as it is not volatile, but it promotes internal growth. We're careful about portfolio investment, short-term crediting and transactions of the public with foreign currency due to high volatility of this capital," he said at the Odesa Financial Forum last week.

Churiy said that NBU is drawing up a draft law on opening accounts in the global depository.

"The only securities that could be interesting for investors in coming years are government securities and the state debt. This would expand a circle of investors for Ukraine," he said.

Churiy said that experience of other countries shows that this could require a great deal of time.