Pursuant to the provisions of Law No. 312/2004 concerning The Statute of the National Bank of Romania, on 14 June 2010, the National Bank of Romania will put into circulation, for numismatic purposes, a gold coin dedicated to the 125th anniversary of the acknowledgement of the autocephaly of the Romanian Orthodox Church and the 85th anniversary of the establishment of the Romanian Patriarchate.rnrnObverse: in the middle, partly in a circular frame, the picture of the Patriarchal Cathedral, the face value “200 LEI”, Romania’s coat of arms and the year of issue “2010”; on the outer ring, in the upper part on the left, the inscription “ROMANIA” in a half circle.rnrnReverse: in the middle, in a circular frame, the reproduction of a fragment of the Holy Trinity icon – in the upper part, the Romanian Patriarchate’s coat of arms – in the lower part, the years “1885” – on the left and “1925” – on the right; on the outer ring, the circular inscriptions “125 DE ANI DE LA RECUNOASTEREA AUTOCEFALIEI BISERICII ORTODOXE ROMANE” and “85 DE ANI DE LA INFIINTAREA PATRIARHIEI ROMANE”.rnrnThe selling price – VAT excluded – is leu 3,150.00 for the gold coin in the numismatic issue “125 years since the acknowledgement of the autocephaly of the Romanian Orthodox Church and 85 years since the establishment of the Romanian Patriarchate”. rnrnThe gold coins are housed in transparent plastic capsules and are accompanied by leaflets featuring an overview of the numismatic issue in Romanian, English and French. The leaflets come with a certificate of authenticity bearing the signatures of both the Governor and the Head Cashier of the National Bank of Romania. rnThe gold coins in the issue dedicated to the 125th anniversary of the acknowledgement of the autocephaly of the Romanian Orthodox Church and the 85th anniversary of the establishment of the Romanian Patriarchate are legal tender in Romania.rnrnThe collector gold coins in the numismatic issue “125 years since the acknowledgement of the autocephaly of the Romanian Orthodox Church and 85 years since the establishment of the Romanian Patriarchate” will be 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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