RIO DE JANEIRO, BRAZIL - Brazilian banks are facing a "real threat" of losing R$20 billion of their 2021 profits, assesses XP Investimentos in a report to clients on Wednesday, June 16. This is because Brazil exporters have demanded US$3.8 billion from Brazilian banks, alleging currency manipulation in past years.
According to analysts Marcel Campos, Matheus Odaguil and Artur Alves, a class action lawsuit by the Brazilian exporters association (AEB), which has Vale (VALE3), Whirlpool (WHRL3; WHRL4) and Suzano (SUZB3) among its members, is calling for reparations due to currency manipulation.
"While this is a big impact on . . .
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