Document Type: 
Document Number (FOIA) /ESDN (CREST): 
Release Decision: 
Original Classification: 
Document Page Count: 
Document Creation Date: 
November 9, 2016
Document Release Date: 
March 1, 1999
Sequence Number: 
Case Number: 
Publication Date: 
June 1, 1953
Content Type: 
PDF icon CIA-RDP83-00423R000700820001-3.pdf160.63 KB
Country; Subject: ? ~ t '~ c~ ~"i l 3 ~ ~ ~ " ,.,..=e Tom' /1ATT.Y ~._; ~~~~~~ ~ k~'~r 25X1A2q :Approved For Release f!~~I~~RDP83 Foreign Exchange & Trade~Coffee Exports~Petroleum Production~Port Conditions~Bogota Stock Exchange Operations Place Acquired by Source: 25X1A6a Date Acquired by Source : Date of Information 25X1 X~eb - May 53 Source Description: ..~._ ~ ~ R ~.i~7 i ii ~ {~~~yyjt ryry "ryrye r"J+ ~~= t f.Jl)iu li~i tC LI C Ut L JL v ~ i 1 ` pp ryry cc pp^^ lUtr l {1 [i~ X7 l, ~ is p Y V3 t3J~ ii~'b~~L~'.CP~ Lf~~il~ 7_riX~ Q7f1 R~tnn ~S,r____, "Forei Exchan a Reserves Decrease Sli tl The gold and dollar reserves of 1 . central bank amounted on 15 May 1953 to US$172 million against US$167 million ' 17 April. These figures do not include Colombiats US$12.5 million deposit wit Monetary Fund. The buying-and selling rates for the US dollar continue at Ps.2 and 2.51 respectively, with a special rate for the coffee export dollar of Ps.2.32675. The premium on export rights has declined to Ps.O.$5, and the uno or street, rate for dollars has been steady at Ps.3.20. There is no backlog o exchange applications nor delay in their approval. 2. "Foreign Trade: Import permits issued to 16 May amounted to US$190 million, in- cluding U~L`Yf~on granted to official and semi-official entities and US$17 million issued under compensation trade agreements. Export licenses approved during the same period totalled US~191 million, including US$10 million equivalent under compensation trade agreements. Coffee accounted for US$1$5 million of the total exports. In the like periods of 1952 export and import authorizations amounted to US$151 million and US~1~+7 million respectively. In official and other quarters, concern has been expressed over the .present high rates of imports, currently ruuxxning at around US$~+2 million per month. 3. "Coffee Exports at High Level: Exports of coffee for 1953 to 16 May are reported at 2, 7,000 bags of kilos compared with 1,7+2,000 bags during the same period last year. During April, 577,052 bags were exported of which 501,329 went to the US. Available stocks ready for exports are reported at 700,000 bags. On the basis of these figures and good reports on the forthcoming crops, it is anticipated that 1953 exports will set an all-time record. 4. "General Business Conditions: 'With some regional exceptions,-sales activity con- t Hues sa sac ory w we spats in automobiles, appliances and other hard goods. Competition is becoming keener and there is concern because of excessive inventories. in hardware, auto parts and accessories, paper and cardboard, and to a lesser degree in drugs, dry goods, ,jewelry and gift articles. Money continues tight and credit is selective. Collections 'are satisfactory. Loans of commercial banks totalled Ps.827 million at the end of April, up from Ps.7$4 million at the end of 1952? 5. "Petroleum Production Up: Production of crude oil during March was the highest on record, with a daily output of 110,000 barrels. 3tIQ Approved For Release 999/09 10 : IA-~DP83-00423R00 . ~y - Approved For Release "Free Zone of Barranquilla under Study; Local authorities are reported to have contracted for the services of two technicians from Sweden to study the possibilities of establishing a Free Zone at the Port of Barranquilla. "Port Conditions: Navigation conditions at the mouth of the Magdalena River continue unfavorable. Although the reported depth there is 22 feet, a freighter drawing 15~ feet was stuck in the channel for six hours on 13 May. There is an accumulation of 35,000 tons of freight at Barranquilla, much of it destined for the Paz de Rio Steel Mill, the Magdalena River railroad and all companies operating inland. Heavy rainfalls causing landslides between Cali and Buenaventura have impeded traffic in that area and warehouses at Buenaventura are 95?b fu11? 8. "Bogota Stock Exchange operations; Stocks have been steady, with general improvement in prices during the past month. Volume of operations has been moderate and the undertone is firm. 1952 1~~3 Feb. Mar. Apr? Feb. Mar. Apr? Bank of the Republic Gold (Mi1.US$) 63 62 62 7~+ 82 8~+ Foreign Exchange 30 6~ ~5 91 _~2 Total 133 127 1 7 1 5 17 17 Short-term Assets in US Bks. (Mi1.US$) 96 g5 gl 126 :p.=; collections outstanding (Mil.US$) 13 13 12 12 12 ~,~3 Currency in Circulation (Mil. Pesos) X56 ~+5~+ ~+~+ 53~+ 5~+$ 521 Cost of Living (1g~+8-100) 133 136 13$ 139 1~+2 US Trade with Colombia (Mil.US~) '~`~- US Exports 21 2~ 57 20 20 59 US Imports ~ w~~ 10~+ ~1 ~ 102 Excess Imp.(-),Exp.() (a)Jan.-Mar. -13 - 7 -T+7a -11 - 1 -+~3at~ 1'~t Approved For Release ~~l~or - DP83-0042.38000700820001-3