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 ?
The Magistrates started their surprising rates and warn different shopkeepers to follow the official rates.
The Nation talked to a number of citizens in Johar Town, Shadman, Ichra, Samanabad, Iqbal Town, Gulberg and Harbanshpura on availability of fruits and vegetables at official rates.
He said that the prices of stitching material were also increased manifold during the last four to five years and it was not possible for them to comply with the official rates.
The DC has asked the shopkeepers and vendors to comply with the official rates to prevent being fined.
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.
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.
KARACHI, July 8 -- In the wake of improved wheat supply from Punjab, its rates have started declining in the open market of Karachi falling even below the official rates of Rs 2,525 per 100 kg bag.
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. Before the government intervened, the bolivar's value had fallen to about half the official rate of 4.30 to the dollar for nonessential goods.
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.
Savers have already seen the returns they earn on deposits dive by 83% since official rates peaked at 5.75% in 2007.