Deposit and lending interest rate trends have been separated from interest rates on money market in a short period of time. Isolation of deposit and lending interest rates from the impact of interest rates from money market leaves space to the central bank for exchange rate control. Isolating of deposit and lending interest rates was result of the presence of foreign banks. They isolated long-term interest rates from the impact of short-term interest rates and made possible the continuation of credit expansion in the first phase of the crisis, which is present since October 2008 until today. In that period, contrary to the widespread fear from capital withdrawal, banks “imported” approximately EUR 2.8 billion of fresh capital into Croatia. The sum was significant to such extent that it enabled the continued growth of loans and financing of deficit of still unadjusted government budget. Without that inflow, Croatia would now be in a much more difficult situation.