Word: wozchod
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...ounces, and the International Monetary Fund has reduced its monthly sales slightly, to 444,000 ounces. "Combine those two, and you take out almost 20% of supply," says a U.S. gold analyst.Soviets, who earned $2.6 billion the sale of 13.8 million ounces of gold through the Wozchod Bank in rich last year, have been selling at only half that rate so far this year, perhaps wait ing for higher prices. South Africa, which supplies a steady 22.5 million ounces to the market each year, stands t earn $6.2 billion at current prices...
...drop in output. One bank estimates that at an average price of only $190 an ounce in 1978, the nation's export earnings would climb $1 billion over last year, to $4.2 billion. The Soviet Union is the No. 2 gold miner, and last year its Wozchod Bank sold 401 tons at an average price of $150 an ounce, earning a tidy $2 billion. This year Wozchod expects to sell another 400 tons, at much higher profit...
...Wozchod bank, financing exports from Switzerland, Italy, West Germany and Scandinavia, will thus parallel the activities of Russian banks already established in the West. The biggest of these is the Narodny Bank of London, established in 1911 and now the busy occupant of an eight-story building in London's City. The Narodny bank does 90% of its business in East-West trade transactions, discounts (at a fat commission) bills of sale of Western exporters who have shipped East; by doing so, it saves them a three-to six-month wait for money and makes trade with the East...
...operate the Banque Commerciale pour 1'Europe du Nord in Paris. Founded in 1921 by expatriate White Russians, the B.C.E.N.-as Parisians call it-was sold to the Communist government in 1925, has since become a major Paris bank and has assets of $624 million. Like the new Wozchod bank in Switzerland, the B.C.E.N. operates with a mainly local board; the president is Guy de Boysson, 45, a French nobleman who once held Communist Party membership...
...accumulated Western currencies on its own, now has a joint International Bank for Economic Cooperation. The bank operates as a kind of Communist central bank, switches currencies among member countries in order to improve trade. The bank's delegates will soon arrive in Zurich to confer with the Wozchod bank with a view to stimulating such trade even more...