Brabant exchange rate: A rate used in many countries for the exchange of goods and services, such as currency and insurance.
The exchange rate is based on a 10-day average of the value of a basket of goods.
For example, a basket consisting of goods in Australia worth $1,000 would be priced at $1.50, with the difference between this and the actual price paid being the difference in the value between the actual cost of the goods and the cost of exchanging them.
For the purposes of the exchange rate, a 1,000-euro bill is the same as one 100-euro note.
In other words, it’s a very stable and reliable rate.
For more information, read our guide to foreign exchange.