The main topic of this paper work are International reserves that are important for every country in ensuring international liquidity, its credibility and enable easier acces to international capital markets. The Croatian National Bank manages the international reserves of the Republic of Croatia by the principles of liquidity and safety of investment, while attempting to ensure favourable rates of return on its investment. Since its monetary independence, the Republic of Croatia recorded continuous growth of international reserves mostly through the purchase of foreign currency from banks and the Ministry of Finance on the domestic foreign exchange market, detailed information on the flows and increases in international reserves through time are available in the Annual reports of the CNB. This paper presents the management of international reserves through 2003, 2009 and 2016 based on Annual reports in order to explain the stucture, formation and other characteristics of international reserves of the Republic of Croatia.