| Description | Agreement proposed, Oct 1940. Meanwhile United Kingdom (UK) agreed to convert £3 million of Iranian sterling into gold during year ending 30 Jun 1941 (a concession offered to no other country) and £3 million in subsequent year. Financial agreement signed 26 May 1942 (folio 69). Iranian sterling holdings guaranteed against any change in London gold price, and 40% of any increase in each half year to be convertible into gold. Supplementary agreement, 25 Jan 1943 raising proportion to 60% and reducing the period each quarter. Method of determining holdings discussed, and gold sales made. |