On 30 March 1918, the Central Council of Ukraine approved a release of 100 million karbovanets worth of State Treasury Notes (). The sum was increased to 500 million karbovanets on 12 May, which was doubled on 9 July 1918. While Yakiv Zozulya attributes such rapid increases to the agreement with Austria-Hungary and German Empire, whereby Ukraine granted a 200 million karbovanets "unlimited-term loan" to each of these countries, interpreting it as a sign of clientelism, Pavlo Hay-Nyzhnyk said the money was needed to revive the country's economy anyway.
