The global health crisis triggered by COVID-19 is an unprecedented example in economic history due to its rapid and profound impact on the global economy. The situation in the Republic of Croatia is even more alarming, as the economy has not yet fully recovered from the major crisis of 2008. The Croatian economy is particularly vulnerable to international shocks, as it is a small and open economy with a relatively high level of foreign debt and complete freedom of capital movement. After the outbreak of the crisis, there was a downturn in almost all sectors of the economy. In order to maintain favorable financing conditions and market stability, the CNB introduced a package of monetary policy measures. The CNB kept the exchange rate stable by intervening in the foreign exchange market and at the same time providing liquidity by purchasing government bonds. Such a response to the crisis sets a precedent and aims to support the financial market and the economy. In this paper, the CNB's instruments and measures during the Great Recession and the crisis modeled by the COVID- 19 virus were examined and analyzed. The Croatian economy survived the second crisis more easily, the banking system was more stable compared to 2008, so the room for maneuver for the implementation of the CNB's monetary policy was greater. The CNB's monetary policy played an important role in maintaining financial and macroeconomic stability in both crises, but the measures taken during the corona crisis had a more far-reaching effect.