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 ?
The Central Bank of Egypt (CBE) has reduced the official rate of the pound against the dollar by 10 piasters during a hard currency tender on Thursday to EGP 7.
1 percent lower than Wednesday's official rate of CNY 6.
The farmers were forced to sell their crop at Rs 1150 per 40 kg to middleman instead of the official rate, Rs 1300 per 40 kg, he added.
Iran currently has two exchange rates--the official rate set daily by the government that does not move very much and is currently 28,250 rials to the dollar, and the open market rate, which shifts hourly and is currently around 33,000 rials to the dollar.
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.
The official said, 'What happened is that the governor after he was summoned by the parliament, decided in consultation with the minister of finance to seek the way out, which is ameliorate the effect the differences between the official rate and the black markets had cost the economy and people of the country.
Venezuela is only providing dollars at the official rate of 6.
5% compared with the Bank of England's official rate of 0.
8 percent, because of medical expenses such as Medicare premiums, deductibles and other costs not accounted for in the official rate.
The highest official rate of unemployment is registered in Naryn region, 6.
Iran's central bank has eliminated a subsidised, cheaper rate for foreign currency and reported a weaker official rate in its place, according to Iranian media and the central bank's website on Saturday.
Since 8 January the CBA raised the official rate up to AZN 0.