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In the November Monetary Policy Report, the timing and extent of the recovery in economic activity in Canada this year was seen as depending crucially on geopolitical developments and on how quickly consumer and business confidence would return to normal.

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Byzantine 40-Nummi Piece

The 40-nummi piece was the largest and heaviest copper coin minted under Justinian. About the size of an old Canadian silver dollar, it weighs 22.76 grams. It was struck in Constantinople (now Istanbul), the capital of the Byzantine Empire and is part of the National Currency Collection, Bank of Canada.

Photography by James Zagon, Ottawa.

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Coppers to Cents

The notice measures 9 by 12 inches. It and the coins and tokens appearing on the cover form part of the National Currency Collection, Bank of Canada.

Photography by James Zagon.

Two major issues dominate the analysis and policy discussion in this Monetary Policy Report: the nature and extent of the global economic slowdown that began late last year and the consequences of the terrorist attacks in the United States.

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Trade Silver

The objects featured on the cover range in size from 1 to 2.5 inches in width. They form part of the National Currency Collection, Bank of Canada.

Photography by James Zagon.

The Bank’s outlook for inflation and overall economic activity in Canada to the end of 2002 has not changed fundamentally from that presented in the May Monetary Policy Report.

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Bank Note Reporters and Counterfeit Detectors

The detector and notes form part of the National Currency Collection, Bank of Canada.

Photography by James Zagon.

At the time of the November 2000 Monetary Policy Report, although signs of the anticipated slowing of the U.S. economy were becoming apparent, the momentum of the global economy was considered strong.

On 23 January, the Bank reduced the Bank Rate by one-quarter of one percentage point to 5 3/4 per cent.