LATIN AMERICA - 1. CUBAN FOREIGN EXCHANGE RESERVES REPORTEDLY EXHAUSTED

Created: 11/23/1960

OCR scan of the original document, errors are possible

ForciRn Exchango Reservcs Reportedly Exhausted"-'

Tbe Cuban Government'sexchange reserves are almost exhausted, and finance officials wero forced onovember to cancel orders for urgently needed matcrials-^such as sugar bags,ource believed reliable by tho American Embassy. Fidel Castro himself was notInformed of thefor fear of his reaction. The National Bank's account with one of the two principal Canadian banks in Cuba is overdrawn, ond there can be no normalreplenishment of the Cuban reserves until the new sugar crop Is exported, beginning in January.

Cuba is still dependent on Vestern sources for somenot available throughSino-Soviet barter deals. Conii mied inability to purchase such goods, particularly food and consumer goods and materials for tho critically important petroleum industry, would pose grave problems for the regime. Cuban banking officialsdoubt that relief will be forthcoming from tho Soviet Union

CIA HISTORICAL REVIEW PROGRAM RELEASE AS7

Nov 60

Supplement

1

Original document.

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