Official Exchange Rate

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Official Exchange Rate

The pegged exchange rate as set by a government. An official exchange rate may be expressed with relation to a commodity such as gold, but currencies are usually pegged to other currencies. Depending on how well a government manages its currency, the official exchange rate may or may not reflect the currency's true value.
References in periodicals archive ?
One toman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates, and 3,900 to a dollar at unofficial rates.
Venezuelan state oil company PDVSA will be allowed to sell dollars it receives from oil exports to regional allies at the most advantageous of three official exchange rates, a move that should help the cash-strapped company's coffers.
October 5, 2014 (JUBA) -- A senior South Sudanese central bank official said on Sunday that the institution awaits a response from President Salva Kiir to devalue the country's currency so as to regulate and manage differences between official exchange rates and those on the black market.
The National Bank sets official exchange rates for 4 foreign currencies every day and 38 foreign currencies every week.
Iran previously had two official exchange rates: one of 11,300 Rials to the dollar at the bank for state operations and official imports, and a variable rate for businesses and individuals to purchase from foreign exchange offices.
One common feature of all of the studies mentioned above is that they have all relied upon the official exchange rates in testing the PPP.
He adds the authorities are looking to converge the unofficial and official exchange rates. The difference between the black market rate and the upper level of the band is now little more than 5%.
The RMB official exchange rates were based on rates of the interbank market where Chinese firms made their foreign exchange transactions during the study period.
The source said that there are no restrictions on all banking transactions including transfers, stressing the free movement of money transfers into and outside the country at the official exchange rates, which the QCB announces on daily basis.
Al-Faki noted that the official exchange rates are regularly updated on CBoS website.
The apex bank is said to be looking to expand the supply of bolivars at the weaker of the two official exchange rates, a move that could attract more US dollars into the economy.
Now, head of the apex bank, John Mangudya says he is expecting the new currency's official exchange rate to converge with that on the black market within three months.

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