From Longman Business Dictionarymarket rateˈmarket rateCOMMERCE1the real price or cost of something, decided by a market rather than calculated or fixed, for example by a governmentRestrictive gas contracts required the company to purchase its gas at prices far above market rates.2a typical rate for something on a market at a particular timeThis measure will force credit card issuers to change from fixed to flexible rates, which would rise and fall with market rates.3the price of something calculated in relation to what buyers are willing to pay at a particular timeThe spread between the official and the market rate has remained at less than 1% for the past five years. → rate
