This paper aims to analyze the intervention interest rate, the main tool of the Colombian monetary policy, which is used by the Banco de la Republica, an analysis that seeks to determine the causes and consequences of its behavior, during the Period between 2006 and 2016, which is based on literature review and the development of econometric models to estimate the behavior of the variables studied. It is identified as the main cause for the changes in the intervention rate to the target inflation method, which aims to keep inflation levels close to 3% with a tolerable deviation of +/- 1%. As for the consequences, there are effects on investment, commercial bank interest rates and the peso / dollar exchange rate, which are analyzed one by one during the development of the document.