official rate

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 ?
Responding to Dawn queries about milk shop owners in different parts of the metropolis selling milk between Rs90 and even Rs110 per litre, the spokesperson said that the rate had not been revised and the official rate remained as earlier Rs85 per litre.
Dairy shop owners closed their shutters in protest and refused to sell milk at the official rate of Rs85 per litre fixed by the commissioner's office, claiming that wholesalers have been selling milk at Rs93.
Compared to the previous week, the official rate of the USD also decreased by 11.
KARACHI -- Five organizations alliance continued its hunger strike outside Karachi Press Club on the second consecutive day, here on Monday, against the sugar mills defying official rate of sugarcane crop.
KARACHI -- Different organisations of growers on Sunday started hunger strike outside Karachi Press Club (KPC) against sugar mills for not purchasing sugarcane at official rate of Rs 182 per 40 kg.
The growers have blamed that mill owners were not paying the official rate of Rs182 per 40 kg.
The new exchange rates aims to narrow the gap between the official rate and the rate on the parallel market where the US dollar has hit 34 pounds after the adoption of the new state budget.
In an unprecedented move, the Central Bank of Iran (CBI) increased the official rate of the US dollar by 300 rials last Saturday, effectively devaluing the currency by almost 1 percent in one day.
Meanwhile, the director of Foreign Exchange Department at the Central Bank of Sudan (CBoS) Nur al-Din Mohamed Sulieman said they continue to provide Forex at the official rate for purposes of tourism and medical treatment abroad.
The official rate for the dollar at the CBE on Thursday registered EGP 15.
Egypt's central bank widened the band in which banks can trade dollars to 10 piasters above or below the official rate, up from 3 piasters, bankers said on Thursday, prompting the lenders' dollar rates to fall to their weakest ever levels.
A total of five filling stations were issued fines of Rs 5000 each for violating official rate and low gauge.