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 imposed heavy fines on violators and asked the traders to implement official rates in letter and spirit.
DCO Capt (Retd) Mohammad Usman issued directions to the special squads to ensure sale of petroleum products on the official rates.
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.
He directed them to ensure the sale of essential commodities on fixed official rates.
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".
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.
Against the Rs 130 per kg wholesale price of dal moong, the official rates fixed by the government stand at Rs 105 per kg, which is less than Rs 25 per kg as compared to open market rates.
But the bond market had been a legal route for trading currency _ and a crucial source of hard currency for businesses that could not get dollars at the low official rates.
The milk sellers are of the view that it is not possible for them to follow the official rates as they buy milk from farmers at Rs45/kg.
Despite official rates being cut to an all-time low of 0.
Savers have already seen the returns they earn on deposits dive by 83% since official rates peaked at 5.