Monetary policy in Egypt has undergone through many developments in the last phase. The Central Bank has announced the adoption of the methodology of targeting inflation while maintaining high growth and investment rates in 2003. It also has adapted the corridor system policy to be the main instrument of the monetary policy. This research has been concerned with measuring the relative importance of monetary policy transmission channels mechanism represented in the overnight interbank rate, the real exchange rate, the growth rate in money supply (M2), as well as the measurement of external shocks represented in the world oil price and their impact on inflation through Jun2010 to Nov2019. The research used the Auto Regression Model (VAR). The research concluded that the monetary policy channels are ineffective and therefore it is necessary to pay attention to activate the role of this channels of the monetary policy transmission and the transfer the target effect to the real sector especially The Central Bank of Egypt first announced its targeting inflation rate which is13% (±3) in May 2017 and this goal has already been achieved in the 4q of 2018.