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Since 2003, the Central Bank of Trinidad and Tobago initiated a shift in monetary policy stance through the phased reduction in the use of direct instruments of monetary policy toward increased use of indirect instruments. This paper examines the strength and dynamics of the interest rate channel as part of the monetary transmission mechanism with particular attention paid to the repo rate pass through effects. The vector autoregressive model that was employed suggests that the interest rate channel in Trinidad and Tobago is weak, but there are some encouraging relationships among the variables. These relationships require policy support aimed at encouraging the development of a wider range of investment instruments and adopting a mix of direct and indirect tools.