Brazilian state-owned oil company Petrobras has filed a lawsuit against eight banks for allegedly engaging in exchange rate manipulation, Valor Econômico reported.
The banks named in the lawsuit are Banco Fibra SA, Banco Société Générale Brasil SA, Banco BNP Paribas Brasil SA, Banco Bradesco SA, Itaú Unibanco Holding SA, Banco Santander (Brasil) SA, Banco BTG Pactual SA and Banco Citibank SA.
In the lawsuit, Petrobras said it moved some 168 billion reais in exchange purchases and sales in 2017. The oil firm said it is also monitoring the investigation of antitrust watchdog Cade into possible anticompetitive practices among banks on pricing and sharing of sensitive information.
As of May 11, US$1 was equivalent to 3.60 Brazilian reais.
