Monetary transmission is the process through which policy changes are converted into the final goals of inflation and growth, after going through certain intermediate steps. The literature has traditionally recognised four main routes of monetary policy transmission: I money or interest rate channel; (ii) credit or balance sheet channel; (iii) exchange rate channel; and (iv) asset price channel. A fifth channel, the expectations channel, has gained importance in the conduct of forward-looking monetary policy in recent years.Interestingly, monetary transmission channels are often referred to as a "black box," meaning that we know monetary policy affects production and inflation, but we don't know how exactly it does so. This is because various monetary transmission channels not only function at the same time, but also vary with time.According to Bernanke and Gertler (1995), empirical research of the impacts of monetary policy has regarded the monetary transmission mechanism as a "black box" to a significant degree. As a consequence, the issue of whether monetary policy has an impact on the actual economy remains unanswered. If yes, what is the method through which these effects are transmitted? Changes in monetary policy have different degrees of impact on market interest rates, such as bank lending and bank deposit rates, throughout time