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    "label": "Central Intelligence Agency, Situation Report 1/1, Turkey",
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    "title": "Central Intelligence Agency, Situation Report 1/1, Turkey",
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        {
            "day": 22,
            "logicalDate": "1948-12-22",
            "month": 12,
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    "seq": 33,
    "pageIndex": 0,
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    "ocrText": "SECRET\nMERCHANDISE FOREIGN TRADE\n(In millions of liras)\nImports\nExports\nBalance\n1930 - 1937 average\n102\n115\n13\n1938\n150\n145\n-5\n1939 - 1945 average\n129\n176\n47\n1946\n224\n432\n208\n1947\n685\n625\n-60\ndevaluation of the lira in and after September 1946. In terms of dollars, the net export\nbalance was double that of the 1939-1945 average, rather than about four and a half\ntimes the figure as the table shows in liras.\nThe sums represented by the export balance, however, were to a considerable ex-\ntent unavailable in convertible currencies needed to finance imports regardless of their\norigin. The direction of Turkey's foreign trade is such that holdings of nonconvertible\ncurrencies have tended to accumulate. The Central Bank's access to hard currencies\n(particularly dollars) has therefore been the subject of examination, particularly\nin connection with Turkey's position in relation to European recovery (see Chapter\nII, Section 8).\nFOREIGN EXCHANGE HOLDINGS OF THE CENTRAL BANK\n(In million Turkish liras)\nIncrease or\n31 Dec. 1946\n27 Dec. 1947\nDecrease\nHard currencies\n30,370\n-12,107\n-42,477\nNonconvertible currencies\n39,137\n168,767\n129,630\nActually, the hard currency position during the period covered in the table\nabove deteriorated more than is indicated; the decrease shown is net, and does not\nreflect the fact that gold holdings to the extent of TL 154,756,000 or $54,913,000 (see\nChapter II, Section 6, Banking and State Finance) were converted into dollars to finance\nimports and other payments. During recent months, however, this situation has not\nfurther deteriorated. The Central Bank's gold holdings on 27 December 1947 were TL\n476 millions, and on 1 May 1948 they were TL 470 millions. The sterling situation is\nimproving, coincidentally with the lowered volume of exports to the sterling area,\nas a result of the restrictions imposed on sales against payment in sterling.\nd.\nTrade and Payments Agreements.\nBecause of dollar shortages and the inconvertibility of sterling, the Turkish\nGovernment has for some time been reviewing its trade agreements policy. Since the\nend of hostilities, various clearing agreements have been negotiated (such as those\nwith\nBelgium, Italy, and Sweden). Despite Turkey's regulation of imports and exports and\nits customs tariffs and rigid foreign exchange control, these agreements envisaged\nliberal trading, with payments in free exchange. Current difficulties arise, however,\nfrom the fact that many of its customers are as short of hard currencies as Turkey.\nThe UK's suspension of sterling convertibility strongly emphasized this situation;\n25\nSECRET\nNARA"
}