Petrobras to smooth out forex impact over average 7 years -CFO
RIO DE JANEIRO
RIO DE JANEIRO Aug 12 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA will account for deferred, non-cash losses and gains related to foreign exchange rates under new "hedge-accounting" rules over an average of seven years, Chief Financial Officer Almir Barbassa told reporters on Monday.
The rules allowed the company to defer 8 billion reais ($3.5 billion) of expected, non-operational, exchange-rate-related losses on debt, the company said on Friday, when it announced a 6.20 billion real second-quarter profit.
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