The economic crisis generated by the COVID pandemic has hit all countries, regardless of the degree of development. Lockdown and the need to suspend most economic activities have significantly reduced household incomes and affected aggregate demand, which has contributed to a significant reduction in GDP. In order to make up for the lack of liquidity and to stimulate the consumption capacity of pollution, most countries have put monetary policy instruments at the forefront. This article proposes to study and identify the impact of monetary policy decisions on economies during the pandemic, to monitor the dynamics of macroeconomic indicators to understand the effectiveness of monetary policy decisions and especially the interest rate channel. Due to the fact that the pandemic crisis is still ongoing in several economies, and research studies examining the effects of monetary policy on the development of major economies in Covid-19 are still in its infancy, as well as the lack of existing literature on the relationship between monetary policy and pandemic. The study is motivated to help strengthen research on this topic, providing an analysis of the effects of monetary policy in different countries on the coronavirus pandemic. The systematic approach, historical and economic-statistical methods were used as research methods. The expected results of the research were the description of the main instruments of monetary policy and the interest rate channel in accordance with different classification criteria and their influence on the development of the banking sector and the business environment.