Privatization is one of the key elements of an economic system undergoing transformation from a centrally planned economy into a market economy. It is a fact that the process of privatization is the most widely discussed step in the transformation process. It is not the process which is questioned, but the forms. During the first half of the 1990s a really marked transition from state to private ownership began and, in this sense, a successful wave of privatizations was carried out. This is emphasized by those who were present at the beginning of economic reform. Author associates the year 1995 with the formal termination of privatization, while the establishment of private-ownership relations will still require a great deal of effort.