The paper analyzes the international reserves of the Croatian Republic in the period from 2011. to 2013. Analysis is accessed by considering the following parameters: monthly amount of total and net international reserves, the total turnover of Croatian National Bank earned in foreign exchange market, the structure of international reserves investment according to credit risk, currency structure of total international reserves and foreign exchange portfolios. The task is supposed to analyze the structure, behavior and the causes of change in international reserves of the Croatia in the period from 2011. to 2013. Carry out a theoretical analysis of the importance of the monetary-credit policy and instruments implementing, conceptually determinate international reserves and, by using comparative analysis detect causes of changes in the international reserves in chosen period. Theoretical analysis has shown the importance of monetary-credit policy and its instruments for achieving the objectives of general economic policy of the country. It is determined the role and importance of international reserves and significance of central bank in management of international reserves. The analysis results indicate that the studied parameters changed in the period under the influence financial environment. Low yields and low rates of return on foreign currency portfolio of the Croatian National Bank are a consequence of low interest rates and relatively low yields on US and Germany securities in which it is invested most international reserves. Calming the debt crisis in the eurozone and better economic indicators of the United States have lad to increased confidence in the financial system and high-risk instruments