The monetary policy of the Central Bank can be divided into two very different phases during the first eight years of Ukraine’s history as an independent country. The first phase, from 1991 through October 1994, was a period of painful searching for an appropriate concept for the development of the economy. Attempts to find a “third way” were unsuccessful. Hyperinflation, the rapid growth of a shadow economy, and the swift impoverishment of the majority of the population were the logical results of this stage.