FREELY AVAILABLE GOLD RESERVES-SELECTED COUNTRIES

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP85T00875R001900010125-9
• Release Decision: RIPPUB
• Original Classification: C
• Document Page Count: 5
• Document Creation Date: December 19, 2016
• Document Release Date: May 23, 2006
• Sequence Number: 125
• Publication Date: January 21, 1974
• Content Type: FORM

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 Approved For Release 200 /09/26: CIA-RDP85T00875R001900010125-9
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GGND1:r4 WILL CIIIECIC ILA!1'.71F'IC:AI'ION TOP ANU U01'rOM
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OFFICIAL I,OU'I'INC SL11'
STAT
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Office of National Secu it
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Department of the TrnasL r
Mr. Robert Pelikan
Department of the Treas>.~ryT-
ACTION DIRECT REPLY IPNEPARE REPLY
COMMENT
CONCURRENCE
UISPAICH
TILE
INFORMATION
I Z/Please forward to 2/
?/Per your re
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RECOMMENOATION
PETURN
SIGRATURE
M Irn, 237 Ute previous editions
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21 January 1974
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SUBJECT: Freely Available Gold Researvrs - Selected Countries
1. The attached Table is in response to your
request of 10 January for information on unpledged gold
reserves of selected countries.
2. The use of gold reserves an collateral for loans
is legal under I:?Ir regulations and international under-
standings in the gold is valued at the official rato. A
number of nations have availed themselves of such loans
in the past, with the Dank for International Stat;tlements
the principal lender. 1towever,, some countries -- Chile,
Uruguay, and others -- eager to take advantage of the
higher free market price of gold, have borrcwed fr:on
commercial banks cmgainst the full market value.
3. Your extremely short deadline forced us to
restrict our research to in-house files. A more comprehen-
sive search conceivably would yield more information.
will be happy to answer any further
questions on ? s topic.
Attachment:
As stated
Distribution: (S-5343)
Orig & 1 - Addressee (LDX'd in advance)
1 - D/OER
1 - D/t
1 - SA/ER
1-St/P
1 - I/TM
OER/I/TM (21 January 1974)
C0IIF)CENTi.1.
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G.J- Ei 1 i lA,
To b ]. c 1
country Comments
]3razil There is no evidence that Urazi.1 has aver
borrowed against its gold. Although
Brasilia has substantial. foreign debt,
its reserves amount to almost $6.5 billion
-- including $56 million? in gold -- and it
is unlikely to have had to pledge gold as
collateral.
In March 1972, Chile transferred about 40%
of its gold reserves from New York to
Paris depleting its New York account. It
was rumored at the time that Santiago
borrowed against that stock, but this has
not been confirmed.
Tr ~iopia No information available.
India It is unlikely that T.ndia has borrowed
against its gold reserves. Such action
would appear to be contrary to Now Dehli's
conservative reserve management policies.
Pakistan It is unlikely that rakistan has borrowed
against its gold reser:ves. Other collateral
and credits are readily available.
Philippines Ther9 is no evidence that the Philippines
have borrowed against its gold reserves.
Indeed, they reportedly have sold gold
from reserves. Foreign exchange reserves
are also substantial.
South 1orea, with total reserves of over
$1 billion and gold reserves of only $4.6
million, is unlikely to have borrowed
against its gold.
Taiwan, with total reserves of $1.2 billion
and gold reserves of only $97 million, is
unlikely to have a lien against any of its
gold.
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Table ]. - cont'd
County. Comments
Turkey
Thailand in unlikely to have borrowed
against its gold reserves. Other collatcia
and crcdi.".s arc readily available.
Turkey has borrowed substantially against
its gold reserves in the past. Since 1970,
however, there has been a rapid build-up
of fL reign e;:charige reserves minimizing
. T'urke,, I s credit problem. There is no
information to indicate how much, if any,
of its gold reserves remain encumbered.
Zaire No information available.
CIA/OER
21 January 1974
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