It is the commercial/retail banks that create money through credit:
> Most of the money in the economy is created, not by printing presses at the central bank, but by banks when they provide loans.
* https://www.bankofengland.co.uk/explainers/how-is-money-crea...
* https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m...
While central bank reserve rates do have impact, there are countries have have no reserve requirements (UK/England being one of them).
The transmission mechanism of monetary policy is… complicated:
* https://www.ecb.europa.eu/mopo/intro/transmission/html/index...
* https://www.chicagofed.org/publications/working-papers/2012/...