In accordance with the provisions of Law No. 312/2004 The Statute of the National Bank of Romania, as from 23 January 2009, the National Bank of Romania is to launch for numismatic purposes a gold coin with face value of leu 500 dedicated to the 150th anniversary of the union of the Romanian Principalities.rnrnThe gold coin has the following characteristics:rn face value: leu 500; rn fineness: 999; rn weight: 31.103 g; rn shape: round;rn diameter: 35 mm; rn quality: proof; rn edge: smooth.rnrnObverse: the coat-of-arms of Romania and the portrait of Prince Alexandru Ioan Cuza; below the coat-of-arms, the face value of the coin 500 LEI and underneath the year of issue 2009; on the outer ring, the circular inscriptions ROMANIA in the upper part and ALEXANDRU IOAN CUZA in the lower part.rnrnReverse: the coats-of-arms of Moldavia and Wallachia inside oval shields, united under one crown, the symbol of the union of the two principalities under a single ruler; on the outer ring, the circular inscription UNIREA PRINCIPATELOR ROMANE * 24 IANUARIE 1859 * .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 250 coins. rnrnThe collector coins made of gold dedicated to the 150th anniversary of the union of the Romanian Principalities are put into circulation through the branches of the National Bank of Romania in Bucharest, Cluj-Napoca, Iaşi, and Timişoara. rn
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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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