Money supply in Ukraine in May decreased by 0.1%, to UAH 1.089 trillion, while monetary base by 0.03%, to UAH 368.25 billion, according to preliminary data of monetary statistics from the National Bank of Ukraine (NBU), posted on its website.

"A slight decrease in the deposits balance was partially offset by a growth in cash in circulation outside banks," the regulator commented in its press release.

According to its data, cash in circulation outside banks increased by 0.9% in May, to UAH 301.23 billion.

The NBU said legal entities' hryvnia deposits in May grew by 0.1%, to UAH 228.79 billion, despite the fact that quarterly payment of taxes falls on May. The balance of funds on individuals' hryvnia deposit accounts after a significant growth in April (by 4.2%) decreased by 0.3%, to UAH 209.6 billion.

Currency deposits in U.S. dollar terms decreased by 0.1%, to $13.23 billion.

The regulator added the loan portfolio of banks in May fell by 0.5%, to UAH 955.787 billion.

"This was primarily due to the decrease in balances of loans in foreign currency (due to revaluation effects amidst the further strengthening of the hryvnia to the U.S. dollar exchange rate)," the NBU explained.