ECONOMIC INTELLIGENCE WEEKLY

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP85T00875R001500150045-7
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 16
• Document Creation Date: December 22, 2016
• Document Release Date: September 29, 2009
• Sequence Number: 45
• Publication Date: October 16, 1974
• Content Type: REPORT

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Economic Intelligence Weekly
Secret
CIA No. 3224/74
16 October 1974
Copy N2 415
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16 October 1974
economic growth because of longstanding bottlenecks.
see page 4.)
H. Johannes Witteveen, Managing Director of the Inter-
national Monetary Fund, warned yesterday against the
use of strongly deflationary policies to curb inflation
and improve payments balances. Witteveen argued that
these policies risked world depression. He urged oil-
consuming countries to accept payments deficits for at
least four to five years and to use moderation in holding
down aggregate demand.
Italy: Fiat Cutback to Have Wide Effect; Shortened
hours and layoffs will reduce purchasing power in key
cities and perhaps trigger serious strikes.
see page 4.)
Chile: Rationalization of the Automobile Industry;
Santiago hopes to reduce costs and spur exports by
reducing the number of firms from seven to three-one
Japanese, one West European, and one American.
s,--j page 8.,
OPEC Countries: Provisional Balance of Payments; The
current account surplus will climb to $68 billion in
1974, according to provisional estimates.
see page 1.)
Copper Prices on the LME closed last week at 65 cents a
Mexico: Battle Joined on Inflation; A tough new price pound, remaining below 70 cents for the fifth straight
control program could bite into business profits and
LME
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discourage investment. ee page 3.) close to yearly lows while tin sank to $3.18 a pound, the
25X1 lowest level since last January. Slack demand and market
Egypt: Brighter Economic Prospects; Much improved pessimism regarding the industrial outlook are the main
financial prospects will be translated only gradually into reasons for price weakness.
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American firms in Cyprus are being threatened by
authorities of both national communities in the country.
Turkish Cypriot officials have decreed that all businesses
operating in Turk ish-cnntrolIed areas must register with
the administration or face confiscation. Greek Cypriot
authorities have countered that companies doing so will
invite closure of their facilities and seizure of their
prrperties.
The Dollar declined against most major currencies again
last week as short-term Eurodollar rates continued to
drop. The mark gained more than 1% while other
European joint float currencies and the yen were up by
less than 0.5%. The pound and lira declined slightly. The
Bundesbank bought more than $200 million last week in
an effort to stem the mark's advance against the dollar.
Italian dollar intervention, which totaled more than
$400 million in the first seven business days of the
month, dropped off sharply toward the end of last week.
25X1
Gold was fixed at $155.00 an ounce in London
yesterday aft'rnoon, down 10 cents for the week.
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Platinum Prices Moving Up; Rising consumption is
keeping prices up in the face of substantial increases in
output. ksee page 6.)
Soviet Shipping Expansion Since 1972 (See page 9.)
25X1
China: US Construction Technicians on the Way; Recent Data Concerning Internal Economic Activities
Americans stationed at sites for new ammonia plants will (See page A-1.) ,
benefit from agreement on living condition:;. 0 25X1
see page 2.) Recent Data Concerring External Economic Activities
(See page A-2.1
Poland Borrows to Develop Copper Resources; A con-
sortium of US and Canadian banks has come up with
$100 million. Osee page 8.)
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The current account surplus of OPEC countries will climb to $68 billion in
1974, according to our provisional estimates. The surplus exceeded $20 billion
in the first half and is expected to reach $47 billion in the second.
OPEC oil receipts will jump from an estimated $33 billion in tie first half'
of 1974 to $61 billion in the second half:
? Oil receipts in the second half will fully reflect the January price increase
and most of the July price increase.
? The producers will receive large retroactive payments for government-
owned oil lifted in the first half.
Arab producers will account for more than 60% of 1974 revenues, Saudi Arabia
receiving the largest share. Iran's earnings will be the largest among non-Arab
producers.
Preliminary estimates put OPEC imports at $13 billion in the first half and
at $16 billion in the current half. Iran, Venezuela, Indonesia, and Saudi Arabia
account for 60% of import expenditures.
OPEC Countries: Provisional Balance of Payments
Billion US $
Ex art receipts
30.2
35.9
64.0
99.9
oil
27.0
33.4
61.2
94.6
Non-oil
3.2
2.5
2.8
5.3
Import payments (f.o.b.)
19.7
13.2
15.9
29.1
Trade balance
10.5
22.7
48.1
70.8
Net services
-5.0
-2.2
-1.1
-3.3
Current account balance
5.5
20.5
47.0
67.5
Increase in reported reserves
4.3
16.5
N.A.
N.A.
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The $20 billion current account surplus for the first hall' exceeds by $4 billion
the increase in OPEC reserves reported to the IMF. This difference implies net
capital outflows (or errors and omissions) of $4 billion in the first half. 25X1
CHINA: US CONSTRUCTION TECHNICIANS ON THE WAY
US technicians are scheduled to arrive in China in early November to begin
installation of the first of eight ammonia plants bought last year. Americans will
eventually be stationed at all eight plant sites for extended periods.
The first technicians will be located at Lu-chou in remote Szechwan Province.
After extensive negotiations, the Chinese agreed to
supply adequate living quarters and to permit:
? wives and children to accompany some technicians;
? short wave radios, tape recorders, and books for personal use;
? air conditioners and other luxury item-, to enter duty-free; and
? a liberal leave policy for all hands.
The Chinese refused to allow cassette TV sets into the country and would
not sign a formal agreement on the subject of amenities. Instead, they agreed to
accept a written statement of an oral understanding on living conditions.
Poor treatment of foreign technicians was a major point of contention during
the mid-1960s, when the Chinese began to import Western plants. The Cultural
Revolution of 1966-69 led to harsh treatment for many technicians. The advice
of foreign engineers was often ignored, their movements were severely restricted,
some were intimidated and beaten, and some were even imprisoned or expelled.
This led to prolonged delays in the completion of imported plants. Peking has
taken a number of steps to keep the anti-Confucius campaign from leading to
a repetition of those excesses.
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MEXICO: BATTLE JOINED ON INFLATION
Mexico has adopted one of the world's toughest price control programs. If
strictly enforced, the controls will bite into business profits and discourage
investment.
The government has slapped price controls on 40,000 items, including most
basic consumer goods and various industrial products. To be considered for relief,
firms must open their books to prove cost increases of more than 5%. Mexico
City apparently intends to concentrate enforcement against large firms because
broad policing is difficult.
Mexican officials are trying to force business to absorb part of the 22% wage
increase recently authorized for union workers and expected to be widespread by
year's end. Inflation has been running at a 20% rate, four times the long-term
average. Long noted for its financial stability, Mexico has suffered accelerating price
increases because of:
? expansionary monetary and fiscal policies under the Echeverria
administration;
? soaring prices for imported goods, especially cereals and steel;
? three years of poor harvests; and
? mounting strains on industrial capacity growing out of a lag in investment.
Business leaders estimate that full pass-through of the current round of wage
increases would add 5 percentage points to the 1974 inflation rate.
Echeverria is trying to mollify labor on the inflation issue, which has hurt
his party more than unfullfilled promises of economic reform. Enjoying little
business support in any case, the government has increasingly blamed inflation on
profiteering. As evidence, officials point to the 397 profit increase in the first
half for firms listed on the stock exchange.
Applications for price increases probably will be infrequent because the
government has threatened firms making such requests with intensive audits. Many
firms fear that auditors will find ways to boost their taxes. Thus business faces
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a serious profit squeeze, which will dampen private investment - already depressed
since 1971 by Echeverria's reformist inclination. Some businessmen also will delay
investment commitments pending selection of Echeverria's successor, a decision
expected some time in 1975.
ITALY: FIAT CUTBACK TO HAVE WIDE EFFECT
The shortened hours recently announced by Fiat will reduce purchasing power
in key Italian industrial centers and perhaps trigger serious strikes.
The dominant automobile maker is placing 71,000 workers - a third of its
labor force - on a 24-hour workweek for the next four months. Cutbacks in
supplier firms will quickly follow. Despite employer-financed income supplements
of up to 80% of lost wages, consumer demand will drop noticeably in Turin,
Florence, and other major cities.
Union officials, who fear that as many as 100,000 workers will ultimately
lose their jobs outright, are calling for a nationwide work stoppage. The labor
minister in the recently resigned Rumor government tried unsuccessfully to defuse
the situation by urging Fiat to reverse its decision.
Fiat inventories have ballooned to 300,000 cars, almost twice the normal
autumn level. Sales have declined both in Italy - which is in the throes of a severe
financial crisis -- and in export markets. Fiat president Agnelli hopes to bring the
inventory-sales ratio into line by trimming output by 200,000 units, or 25%, in
the four-month period. To unload cars, Fiat is sounding out Soviet '.nd East
European trade officials. It is willing to barter automobiles for oil, methane, or
other goods.
EGYPT: BRIGHTER ECONOMIC PROSPECTS
In the year since the Middle East war, Egyptian financial prospects have
improved dramatically. These prospects will be translated into economic growth
only gradually because of longstanding administrative and physical bottlenecks.
In the fall of 1973, Egypt received more than $800 million in ad hoc Arab
aid. At the same time, the synthetic fiber shortage - a direct result of the
war-related energy crisis - drove up prices of Egyptian long staple cotton, more
than compensating for the high cost of grain and other essential imports. Egypt
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thus was able to pay off most of its overdue debts and to augment its financial
reserves by $200 million.
Saudi Arabia subsequently replaced its $100 million annual prewar subsidy
with $500 million in cash aid. This more than offset the loss of the $150 million
to $200 million in annual Libyan aid, which was halted in protest of the
disengagement with Israel.
Once postwar economic planning is fully under way, Egypt expects to draw
on $3 billion in other Arab and non-Arab aid commitments. About one-third of
this amount represents credits, mostly of East European origin, carried over from
before the October war. The balance is postwar extensions arising primarily from
the pivotal political position of Egypt, a visibly damaged froi:t-line state that has
been the foremost belligerent in the confrontation with Israel. This infusion of
aid, together with prospective earnings from the Suez Canal and the SUMED
pipeline, should enable Egypt to at least maintain present per capita income and
to service its debts. Prospects would improve still further if Egypt regained the
Sinai oil fields.
Military Assistance
In addition to providing economic aid, the oil-rich Arab states appear to be
underwriting a reduction in Egyptian dependence on Soviet arms. In mid-April,
following a Soviet arms cutoff, Sadat announced a program to diversify sources
of arms. Although some Sc-iiet arms deliveries - primarily spare parts - have been
resumed, Sadat has continued to send purchasing missions to Western Europe.
Soviet military aid probably will be continued because Sadat needs this aid
to maintain basic military inventories. If a new agreement is reached, Moscow
probably will try to get Cairo to pay cash for some of the arms.
Foreign Investment
Since the war, Egypt, with the most highly industrialized economy in the
Arab world, has attracted the attention of Kuwait, Iran, Iraq, and other oil
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producers seeking investment outlets. With the improvement in relations with
Western countries, increasing numbers of non-Arab investors have also expressed
interest. More than $3 billion in foreign equity capital for investment projects is
awaiting government approval. Enough capital is now in sight to finance the 7%-10%
annual growth targeted by Egyptian planners.
Absorbing this capital in the economy is another matter. Urban interest groups
will cling hard to the stultifying government policies that guarantee employment
and a minimum level of consumption at the expense of hard work and innovation.
The economy will be troubled for some time by the tangle of administrative
problems, illustrated by the obsolete structure of financial and other services
available to the business community. Fear of foreign economic domination also
will cause delays. For example, the government will insist on arrangements for
domestic participation in the financing of proposed investment projects.
Bottlenecks in transportation, electric power generation, and other areas may
create even more serious problems for the would-be investor. Cairo will continue
to press the Soviets, Americans, Europeans, and international agencies for assistance
in attacking these problems.
set by South African firms-has risen 20% over the
past 12 months to $190 a troy ounce since early 225
June.
Rising platinum consumption is keeping
prices under pressure in spite of large increases in 250
production this year. The major producer price- PLATINUM
$245 an ounce in late April before declining to a 175
$172 in late September. The price, which is N
influenced by the speculative activity associated 150
= 200
The US dealer price, far more volatile than a us
Dealer
the producer price, moved up rapidly tc, a record Price
with other precious metals, bounced back to $192
the stren
thenin
of gold
on 3 October followin
g
g
g
and silver prices and declined to $180 on 10 1972
October. Most platinum on this market is supplied 56435B 10-74
by minor Western producers and by the USSR.
10 Oct
74
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PLATINUM PRODUCTION AND CONSUMPTION
BY COUNTRY, 1973
PRODUCTION CONSUMPTION
2.55 million troy ounces 2.95 million troy, ounces
Cenada
Other 2%
Western Europe
In 1974, world platinum production will reach an estimated 3.1 million ounces,
up 20% from 1973 and about equal to anticipated consumption. Most of the
increase will come from South Africa, which-with the USSR-accounts for more
than 90% of world supply.
US consumption will rise by about 10% this year because of the use of
platinum in catalytic converters for cars produced in the fourth quarter. In 1975,
the first full year for this type of emission controls, US platinum consumption will
leap an estimated 45%, to 940,000 ounces. US auto manufacturers have already
contracted with South African producers for the necessary supplies. Growing use of
platinum production of lead-free gasoline will further boost US consumption over
the next three years. By the late 1970s, mime production of platinum will b:.
supplemented by secondary recovery from discarded converters and from industrial
processes.
Even with the sharp increase in US platinum consumption, Japan will remain
the world's largest user. Japanese demand will reflect both private hoarding and
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large-scale industrial use. Japan also is introducing catalytic converters in 1975
automobile models.
South African platinum reserves and production capacity are believed ample to
meet the increase in world demand. Further increases in the producer price
nonetitele;;s can be expected because:
? the small number of suppliers facilitates non-competitive pricing,
? ready substitutes are lacking for platinum in most uses, and
? the small cost of the platinum used in industrial products makes demand
insensitive to price changes.
Notes
Chile: Rationalization of the Automobile Industry
Santiago has asked 14 companies to bid on contracts to modernize Chile's
automobile industry. Seven of these companies - Pe';geot, Fiat, Citroen, British
Leyland, Nissan, Ford, and General Motors - now operate in Chile. Three cirms
will be chosen, representing Japan, Western Europe, and the United Staites, with
exclusive rights to the Chilean market. Santiago will require them to offer a full
range of automobile vehicles, to invest $150 million to $200 million within three
years, and to set up a consumer financing program. Chile optimistically expects
this consolidation to reduce costs and make its automotive products competitive
on world markets.
Poland Borrows to Develop Copper Resources
A consortium of US and Canadian banks has concluded a $100 million loan
to help finance the development of Polish copper resources. Poland, with one of
Europe's largest known copper deposits, has now achieved self-sufficiency and is
on the threshold of becoming an important supplier to Western Europe. The
seven-year loan is one of the largest ever raised by Poland on the Eurocurrency
markets. Terms call for a spread of ore percentage point over the London interbank
rate for the first four years and 1-1/8 percentage points thereafter.
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Publication of interest*
Soviet Shipping Expansion Since 1972
(ER RP 74-18, October 1974,
Expansion of the Soviet merchant fleet accelerated in 1973 after two slow
years. The added ships were small, however, and technically backward. During 1974
and 1975 the fleet will receive its first ships over 100,000 DWT and its first
competitive container ships and vehicle carriers.
STAT
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INTERNAL ECONOMIC INDICATORS
GNP'
Constant Market Prices
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Average Annual
Growth Rate Since
PercentChongo
latest tram Previous
Quarter Quarter 1970
7411 -0.4 3.0
7411 0.0 5.7
74 II - 0.7 3.1
73 IV 1.8 5.0
741 -3.5 1.9
73 IV 1.9 3.7
7411 1 0 5.7
Average Annual
Growth Rate Since
I Year
Earlier
-1.2
-3.3
1.1
5.7
-4.4
5.3
4.9
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
RETAIL SALES'
Current Prices
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Percent Change
Latest torn Previous
Month Month 1970
Aug 74 -0.4 4.0
Aug 74 -2.2 5.6
Jun 74 -2.8 2.7
Jun 74 0.8 0.2
Aug 74 0 2.5
Aug "t -4.8 3.6
Jul 74 : 0.8 5.8
Percent Changi
Latest from Previous
Month Month
Sep 74 -1.2
May 74 4.7
Jun 74 -1.5
May 74 6.2
Jun 74 3.3
Apr 74 0.9
Jul 74 1.7
I year
Earlier
-1.0
-4.9
-1.1
5.0
-0.2
-0.6
1.9
Previous
Dueller
-1.0
2.4
- 2.9
7,3
-13.3
7.7
3 Months
Earlier"
1.3
-11.6
-2.2
2.2
5.4
0
-5.0
Average Annual
Growth Rate Since
1910
9.7
13.0
7.7
8.5
11.9
17.4
12.4
I Year
Earlier
8.6
15.9
2.0
18.1
14.7
27.0
16.2
3 Months
Earlier"
17.8
-1.7
1.5
1.3
8.3
34.0
24.6
United States
Japan
West Germany
France
United Kingdom
Canada
Euro-Oollars
Representative Rates
Dealer-placed finance paper
Call money
Interbank loons (3 Months)
Call money
Sterling interbank loan (3 ma)
Finance paper
Three-month deposits
16 October 1974
Office of Economic Research/CIA
WHOLESALE PRICES
Industrial
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Percent Change
Latest from Previous
Month Month 1970
Sep 74 0.8 9.8
Aug 74 1.0 11.3
Jun 74 0.2 7.0
Aug 14 -0.7 12.4
Aug 74 1.3 11.3
May 74 0.7 14.5
Jul 74 2.0 11.2
Average Annual
Growth [late Since
I Year
Earlier
27.9
32.8
13.1
30.3
25.3
48.3
24.6
3 Months
Earlier
20.5
14.0
10.3
-2.5
19.3
44.1
12.2
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
1 Year
Latest Date Earlier
Oct 2 1 10.50 8.50
Sep 25
Oct 2
Sep 25
Oct 2
Oct 2
Oct 2
13.00 9.00
9.48 13.88
13.38 11.75
11.71 13.27
11.25 8.75
12.04 10.38
3 Months 1 Month
Earlier Earlier
9.00 1 11.94
12.63
9.10
14.25
13.27
11.05
13.91
13.50
9.53
13.50
12.45
11.88
13.74
Average Annual
Growth Rate Since
Percent Change_
Latesi from Previous
Month Month 1970
Aug 74 1.3 6.4
Aug 74 1.0 11.5
Aug 74 0 6.1
Aug 74 0.8 8.2
Aug 74 0.1 1 U.4
Aug 74 2.1 10.3
Aug 74 1.0 6.7
1 Year
Earlier
11.2
25.4
6.9
14.5
16.8
20.5
10.8
3 Months
Earlier
13.2
15.4
2.5
13.4
9.4
28.9
12.7
Average Annual
Growth Rate Since
Percent Change
Latest from Previous 1 Year
Month Month 1970 Earlier
Sep 74 0.1 5.8 5.8
Jun 74 1.6 17.9 15.7
Jun 74 2.0 9.2 5.3
Jun 74 1.3 12.7 10.7
Aug 74 1.2 8.8 0.8
Jon 74 0.1 20.7 22.7
Aug 74 -0.7 12.3 1 7.3
'Seasonally adjusted.
"Average for latest 3 months comparad
with average for previous 3 months.
3 Months
Earlier "
2.2
17.6
10.4
15.6
3.5
22.5
Note: US data provided by US government agencies
Al
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EXTERNAL ECONOMIC INDICATORS
EXPORTS"
f.o It.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
IMPORTS"
f.o.b.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
TRADE BALANCE"
f.o.b./f.o.b.
Japan
West Germany
Trance
United Kingdom
Italy
Canada
Million US $
Million US $ 1874 1973
Aug 74 8,370 03,280 44,014
Aug 74 4,805 34,305 :.2,047
Aug 74 7,907 58,003 42,400
Aug 74 4,044 30,297 23,434
Aug 74 3,237 23,403 18,018
Jun 74 2,270 13,288 9,401
Aug 74 2,871 21,163 16,329
Latest Month
Million US $
Million US S 1974 1973
Aug 74 9,502 65,402 44,870
Aug 74 4,474 35,396 19,920
Aug 74 6,067 42,419 32,617
Aug 74 4,489 33,157 22,021
Aug 74 3,986 31,469 21,385
Jun 74 2,827 17,338 10,708
Aug 74 2,880 20,571 I 14,884
Million US $ 1974
I'mconl
Olin nun
43.0
51.7
30.0
29.3
25.7
41.3
2d,0
Percent
Change
46.8
77.0
30.1
40.0
47.2
61.9
38.2
AuJ 74
Aug 74
Aug 74
Aug 74
ttn 'r4
Jun 74
Aug 74
-1.132
391
1,840
-445
-749
-556
11
-1,031
16,184
-2,859
-8,066
-4,050
592
1973
-856
2.721
9,849
813
-2,767
-1.307
1,445
Change
1,257
-3,752
8,335
-3,672
-5,299
-2,743
-853
BASIC BALANCE'"
Current and Long-Term-Capital Transactions
United States*
Japan
West Germany
France
United Kingdom
Italy
Canada
Latest Period Cumulative (Million US S)
Million US S 1914 1913 Change
7411 -2,740 -954 -2,164 1,210
Aug 74 -233 -9,259 -6,098 -3,161
Aug 74 -424 4,558 5,817 -1,259
73 IV - 431 N.A. - 2.471 NA.
741 84 84 -1,033 1,117
74 1 - 2,037 -2,037 975 -3,012
741 -195 -195 -235 40
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
1 Yi'ar
End of Billion US S Jun 1970 Earlier
Aug 74 15.5 14.5 12.9
Sep 74 13.2 4.1 14.8
Aug 74 33.1 8.8 33.4
Aug 74 9.5 4.4 11.2
Sep 74 7.2 2.8 6.4
Jun 74
Sep 74
5.3 4.7 6.0
5.8 4.3 5.7
'Soaonelly odlueted,
"Converted inn; 'S dollars at current market rates of exchange.
18 October 1974
Months
Earlier
14.9
13.4
34.4
8.1
8.7
6.7
6.1
EXPORT PRICES
USS
Willed States
Japan
West Germany
France
United Kingdom
Italy
Canada
Percent C11a11g6--
Latest from Previous
Month Month 1970
Aug 74 5.7 12,9
Aug 74 0.2 10.1
Jul 74 2.2 16.3
May 74 0.0 14.3
Jul 74 1.7 13.5
May 74 1.9 13.0
May 74 1.4 14.7
EXPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
Italy
Car.ada
Percent Chonu6
Latest from Previous
Month Month
Aug 74
Aug 74
Jul 74
May 74
Jul 74
May 74
May 74
IMPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
!toly
Canada
Percent Change
Latest from Previous
Month Month
Aug 74 2.9
Aug 74 2.6
Jul 74 0.4
May i4 4.0
Jul 74 0.4
May 74 0.3
May 74 4.7
EXCHANGE RATES Spot Rate
As of 4 Oct 74
JapanlYed
West Germany (Mark)en?
France IFranel (Pound
United Kingdom SrarhnBl
Italy (Lira)
Canada (Dulao
US S
Per Unit Dec 88
0.0033 1 21.06
0.3830
0.2110
2.3350
0.0015
1.0158
52.35
4.51
-16.33
-5.87
10.13
Average Annual
Growth Rate Since
Average Annual
Growth Role Since
I Your
Earlier
27.9
26.4
7.9
19.3
25.4
30.8
43.2
3 Months
Earlier
43.9
0.2
17.9
58.1
30.4
74.7
55.2
1970
12.9
11.3
5,4
10.4
13.6
13.9
12.2
I Year
Earlier
27.9
42.8
18.0
29.4
33,3
40.2
37.3
Average Annual
Growth Rate Since
I Year
Earlier
53.4
77.8
32.7
63.0
57.1
85.5
30.4
1970
19.8
17.3
6.8
16.0
21.3
25.5
11.0
3 Months
Earlier
43.9
39.8
23,0
46.8
29.6
52.3
44.7
3 Months
Earlier
34.9
16.6
21.8
74.4
s 7.9
45.3
62.8
19 Dec
1971
2.86
23.43
1.16
-10.39
-12.38
1.80
19 Mar
1973
-12.17
8.16
4.26
-5.12
-14.86
1.81
27 Sep
1974
- 0.6 5
1.73
0.24
0.09
- 0.33
0.08
TRADE-WEIGHTED EXCHANGE RATES*
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Dec 86
-14.15
12.81
30.31
-16.49
-34.75
-27.00
7.73
IBDec
1971
- 4.89
-0.71
13.35
-3.15
-20.54
-25.66
1.14
19 Mar
1973
1.70
-12.53
8.33
- 5.61
-6.14
-18.74
2.78
27 Sep
1914
-0.26
1-0-96
1 .08
- 0.66
-0.61
- 1.23
0
"'Weighting is based on each listed country's trade with 16 other industrialized
countries to reflect the competitive impact of exchange-rate variations
among the meter currencies.
Approved For Release 2009/09/29: CIA-RDP85T00875RO01500150045-7