FOREIGN EXCHANGE & TRADE/COFFEE EXPORTS/PETROLEUM PRODUCTION/PORT CONDITIONS/BOGOTA STOCK EXCHANGE OPERATIONS

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP83-00423R000700820001-3
• Release Decision: RIPPUB
• Original Classification: C
• Document Page Count: 2
• Document Creation Date: November 9, 2016
• Document Release Date: March 1, 1999
• Sequence Number: 1
• Publication Date: June 1, 1953
• Content Type: REPORT

Country;
Subject:
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: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:
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"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