Pursuant to the provisions of Law No. 312/2004 The Statute of the National Bank of Romania, as from 20 May 2009, the National Bank of Romania is to launch for numismatic purposes a silver coin dedicated to the 155th birth anniversary of the poet Alexandru Macedonski.rnThe 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.rnObverse: in the middle, an image inspired by Alexandru Macedonskis poem Noapte de decembrie (December Night) the emir on his way to the sacred fortress mirage; above, a three-line quotation reading: And he hurries to reach them, / Albeit he well knows of their deceit / Of topaz gates and silver towers.; beneath the quotation, the poets signature; below the image, the year of issue 2009, the coat-of-arms of Romania, the inscription ROMANIA and the face value of the coin 10 LEI. rnReverse: the portrait of Alexandru Macedonski, a bunch of roses, the poets favourite flowers, and the inscriptions 1854, 1920 and ALEXANDRU MACEDONSKI.rnEach coin is embedded in a transparent plastic capsule and is accompanied by a leaflet featuring on overview of the numismatic issue in Romanian, English and French. The 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, with silver foil. rnThe numismatic issue comprises 500 coins. rnThe collector coins made of silver dedicated to the 155th birth anniversary of the poet Alexandru Macedonski 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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