official rate

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Official Rate

1. In foreign exchange, the exchange rate set by the local government. This especially applies to pegged currencies, but countries with floating currencies may also set an official exchange rate for a given day.

2. The rate of inflation as set by the local government. Official rates of inflation may be accurate or not, depending on how they are calculated and whether political consideration influences the calculations.

official rate

In foreign exchange trading, the lawful rate at which an exchange rate is set.
References in periodicals archive ?
He, however, added that the associations were trying to control the situation and sell milk on official rates as a petition regarding the mechanism to ascertain milk price was being heard in court.
He demanded that farmers be paid in accordance with official rates and that the mills not be closed on April 15 as sugarcane crop was still standing over hundreds of acres.
Islamabad -- Farmers complain that although the sugarcane season is in full swing, the millers are not buying their cash crop at official rates, but rather at cheaper rates.
The free tanker service is a great liability on KWSB basic objective to stop the gratis service is to reduce the financial expenditure on KWSB as well as to facilitate the citizens while the tanker supply will continue on official rates.
KARACHI -- It would be the priority of the city administration to ensure the availability of eatables, vegetables and fruits to the Karachiites at the official rates during Ramzan.
He said owners of filling stations and transporters would not be allowed to violate official rates of fuel and fares
But in situations where we know that a model brought to our facility was not sold by us, we do the necessary repairs and charge them the official rates because they are not covered by warranty.
Reuters -- The Egyptian pound was steady at official rates on Thursday, the central bank said, and slightly stronger in the black market, two sources said -- a day after the bank's governor said that parallel market for dollars would "not last long".
Chicken meat consumers in Karachi are compelled to pay higher rates of the commodity by the nexus of poultry farm owners, wholesalers and retailers as official rates are hardly followed by the retailers despite frequent stern warning by the city administration.
Saudi Arabia's market interest rates are climbing as the economy booms, but the rise is as much due to international pressures as strain on banks' lending resources, and any hike of official rates probably remains distant.
Summary: The government threatened Friday to cancel the license of any taxi or minibus driver who refuses to comply with official rates.
This move met with widespread disapproval, resulting in the Central Bank then proceeding to lower the official rates, in order to increase demand in the hope of establishing a degree of equilibrium in the market.