In accordance with the provisions of Law No. 312/2004 The Statute of the National Bank of Romania, as from 16 January 2009, the National Bank of Romania is to launch for numismatic purposes a silver coin dedicated to the 10th anniversary of the European Economic and Monetary Union and the launch of the single currency the euro.rnrnThe silver coin has the following characteristics:rn face value: leu 10; rn fineness: 999; rn weight: 31.103 g;rn shape: round; rn diameter: 37 mm; rn quality: proof; rn edge: milled.rnrnObverse: on a frosted band, the map of the European Union, having the euro area Member States distinctly highlighted, Romanias coat of arms and the inscription ROMANIA; on the upper part, the circular inscription UNIUNEA ECONOMICA SI MONETARA; below, the face value of the coin 10 LEI.rnrnReverse: on a frosted band, inside the irregular outline of an antique coin, an allegory of the evolution of commerce from barter to euro; above, the circular inscription 10 ANI UEM; below, the years 1999 2009.rnrnEach coin is embedded in a transparent plastic capsule and is accompanied by a leaflet in Romanian, English and French. rnThe leaflet comes with a certificate of authenticity bearing the signatures of both the Governor and the Head Cashier of the National Bank of Romania. The coins will be displayed in appropriate cases having the NBR logo BNR inscribed on the lid. rnrnThe numismatic issue comprises 1,000 coins. rnrnThe collector coins made of silver dedicated to the 10th anniversary of the European Economic and Monetary Union and the launch of the single currency the euro are put into circulation through the branches of the National Bank of Romania in Bucharest, Cluj-Napoca, Iaşi, and Timişoara. rnrn
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The neutral nominal rate in Romania has been falling since the start of inflation targeting in 2005. The Taylor Rule clearly shows that interest rates peaked in 2022 and have been on a clear downward path ever since.Furthermore, the model estimates a long-term neutral nominal rate of around 3.9%, which is the equivalent of approx. 1.4% real.Using a more sophisticated model (i.e. New York FED’S HLW model), the real neutral interest rate in Romania is estimated currently at around 1.5% (1.7% 2023 average) and the historical mean at 1.2%.This implies a neutral nominal rate between 4.00% and 4.50%. In the past decade, the NBR real effective rate was below the neutral rate and only over the past year climbed above the neutral mark.Source: Erste Bank
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