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 ?
COM - The official rate of the Tajik somoni fell 2.7% against the dollar on Tuesday, the biggest adjustment in more than two years which the central bank said was due to pressure from the market, Nasdaq reports.
The shopkeepers and dealers are selling 20kg flour bag at Rs820 against the official rate of Rs760 per bag in local open markets of Sialkot, Daska, Sambrial, Pasrur and Zafarwal tehsils.
The official rate of the manat for the next day is determined on the basis of the weighted average rate on transactions concluded with commercial banks in the interbank foreign exchange market and auctions.
Market prices in provincial capital were seen above the official rates. Lemons were selling out at Rs480 per kg against an official rate of Rs200, mango for Rs500 per kg, watermelon Rs42 per kg as against the official rate of Rs25 per kg and banana Rs120 a dozen instead of Rs80.
In addition to the black market and the open market rates, there is also the official rate market.
China strictly controls trading of the yuan, as the central bank sets the daily official rate every morning and restricts the currency to rise or fall up to 2.0 percent from the rate against the dollar.
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.
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 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 7.83, compared with EGP 7.73 on Tuesday.
A total of five filling stations were issued fines of Rs 5000 each for violating official rate and low gauge.
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.
Summary: 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 Web site on Saturday.