NATIONAL INTELLIGENCE BULLETIN

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP79T00975A026600010049-3
• Release Decision: RIPPUB
• Original Classification: T
• Document Page Count: 9
• Document Creation Date: December 20, 2016
• Document Release Date: August 10, 2005
• Sequence Number: 49
• Publication Date: June 12, 1974
• Content Type: REPORT

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National Intelligence Bulletin
June 12, 1974
CONTENTS
EGYPT-USSR: Foreign Minister Fahmi will go to Moscow
to discuss summit. (Page 1)
INTERNATIONAL FINANCIAL DEVELOPMENTS: EC prepares for
Committee of Twenty talks in Washington this week.
(Page 7)
FOR THE RECORD: (Page 8)
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National Intelligence Bulletin June 12, 19:74
Foreign Minister Fahmi announced at 4 cabinet meet-
ing yesterday that he will go to Moscow "soon" to arrange
a summit meeting between President Sadat and Soviet lead-
ers. The Egyptian press has been speculating for some
time that a summit is in the works, but this is the first
official acknowledgement that the Egyptians are attempting
to arrange one. The timing has been left open; even the
date of Fahmi's trip has not been announced.
The Egyptians probably timed the official announce-
ment of the trip to take account of Soviet sensibilities.
Coming on the eve of President Nixon's visit to Cairo,
the announcement is intended as an earnest of Sadat's
expressed desire to maintain "balanced" ties with the two
superpowers.
Sadat has made it clear in private that he is weary
of going to Moscow and expects the Soviets to come to him
for the next round of summitry. Cairo will consider that
it has made the proper gesture to Moscow by dispatching
Fahmi to the Soviet capital and that the next move is up
to the USSR.
Moscow may agree to a high-level meeting in Cairo.
The Soviets would probably like to try to patch things up
before the Geneva peace conference reconvenes. The most
likely candidate for such a visit would be President Pod-
gorny or Premier Kos gin, both of whom have been in Cairo
before.
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National Intelligence Bulletin
INTERNATIONAL FINANCIAL DEVELOPMENTS
June 12, 1974
Because of economic problems and severe balance-of-
payments difficulties, the EC has indicated a desire to
maintain maximum flexibility as it approaches the Com-
mittee of Twenty discussions to be held this week in
Washington.
Although community members agreed on the broad out-
lines of the proposed monetary :reform package, they would
not agree to formally amending the International Monetary
Fund articles. The one emerging consensus is that central
banks should employ a market-related value for gold trans-
actions.
Last week the EC finance ministers failed to reach
agreement on all but the broadest aspects of monetary re-
form. They agreed that there should be some interim rules
for currency floating, but they did not accept some points
of the guidelines proposed by the International Monetary
Fund. They also would not agree to an amendment which
would legalize floating exchange rates.
The payments difficulties Rome is experiencing have
added urgency to the EC's desire to resolve the gold is-
sue. German officials, including Chancellor Schmidt, are
now pushing publicly to allow central banks to use offi-
cial holdings of gold at market-related prices for offi-
cial interbank transactions. The EC is far from agree-
ment, however, on specific points of a new settlement
scheme. The community will test US official opinion on
the matter before discussing it further within the EC.
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National Intelligence Bulletin June 12, 1974
USSR: The US defense attache in Moscow reports that
the Soviets launched what probably was a V-class nuclear-
powered attack submarine on June 7 from the Admiralty
shipyard in Leningrad. This would be the 15th V-class
unit to be launched. These submarines usually operate in
the Mediterranean and North Atlantic. They are the Soviets'
fastest operational submarines, having a maximum submerged
speed of about 32 knots.
USSR-France: Two Soviet warships--a cruiser and a
destroyer--are scheduled to make a five-day port call at
Cherbourg late next week. The destroyer, a Kotlin-class
guided-missile ship, is returning to the Baltic following
a two-month cruise to Guinea, and the Sverdlov cruiser
recently spent a short time in the Mediterranean. The
visit is being treated in a low key by the French govern-
ment. Soviet warships last called at Cherbourg in 1970.
The only other NATO countries that Soviet warships have
visited in recent years are Italy and Denmark. 25X1
Nei eria Lagos recently signed an agreement with
London-for ~5 Scorpion light tanks and 55 Fox armored
cars. This is the first purchase under a program to mod-
ernize black Africa?s largest military force,
General Gowon recently returned from Moscow, but
purchase of any equipment. Nigeria?s increased oil rev-
enues permit. the government to purchase these expensive
aims without damaging national development plans.
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