The Federal Attorney General’s Office (AGU) asked the Central Bank (BC) for clarification after the Google search platform displayed the wrong exchange rate for the dollar during the Christmas holiday. On the afternoon of this Wednesday (25), the tool displayed the price of the North American currency at R$6.38, when the financial markets were closed.
Throughout the 25th, the correct price was R$ 6.15, the closing value of the dollar on the 24th, Christmas Eve, when the trading session operated with reduced hours. The AGU asked the Central Bank for information to evaluate the case and clarify any inconsistencies in the value presented on the digital platform.
In a note issued on Wednesday night, the AGU informed that the data sent by the Central Bank will support a possible action by the Federal Attorney General’s Office, an AGU body, against the Google search engine.
AGU asked the BC for the official quote on the 25th; the value of US currency in other countries on the same date; and whether the exchange rate in other countries could impact the value of the Brazilian currency during public holidays.
“Recently, information from unknown sources about the real exchange rate of the dollar was again published on the Google platform. The Ptax exchange rate is the official exchange rate in Brazil, not defined this Wednesday by the Central Bank due to the holiday”, highlighted the AGU in a note.
Although the Ptax Rate, the average exchange rate throughout the day, is used by the Central Bank, it only defines the indexation of contracts linked to the government, such as external debt securities, internal public debt corrected by the exchange rate and loans from foreign institutions. The instant and closing price of the markets is defined in each broker, because the foreign exchange market is decentralized, without a controlling organization.
Although the foreign exchange market operates in a decentralized manner, commercial banks, investment funds and dealers (banks or brokers authorized to act as Central Bank intermediaries) can influence the market. The BC also has the power to interfere in the exchange rate, when selling and buying dollars. In December alone, the monetary authority injected around US$30 billion of international reserves into the market.
Google said it will not comment on the AGU initiative. Regarding the quote, he stated that the data shown in real time in the search “comes from global third-party financial data providers”. The company said it works with partners to ensure accuracy and investigate and resolve any concerns. According to the Google Finance platform page, stock market and exchange rate data are provided by Morningstar, an American investment research company.
* Gabriel Brum, reporter for Rádio Nacional, contributed
