Word: markazi
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Dates: during 1980-1989
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...which our hostages would be released. Everything seemed to be going well, except for that lingering concern in the back of my mind. I turned on the light and went down my handwritten list of sequential events that would have to take place. Finally, I realized that the Bank Markazi, Iran's central bank, had not sent the technical instructions required for the transfer. I called Christopher, Miller, Cutler, Powell and Muskie, in that order, to tell them to check. I was right, it was indeed a problem. Benyahia discovered that the Iranian bank officials did not agree with...
Everything else seemed ready; but as the hours passed, the Markazi officials would not issue the necessary papers. I discovered that they were justified in not agreeing to the terms. Many of the financial records of the Iranians had been lost or were out of date because of the revolution and our seizure of their assets...
...resolve the problem with the Bank Markazi, we decided to amend the agreement by deleting the objectionable language and to permit deposit records to be verified later. Drafting this change consumed several precious hours...
...from Treasury: "The machine is burping!" The Bank Markazi was to send specific instructions to each of the twelve banks, authorizing the transfer of exact sums of principal and interest amounting to $5.5 billion. Lawyers and officials of all twelve, the Federal Reserve System and the Treasury Department were huddled over Teletype machines in London, Washington and Algiers to check the accuracy of the instructions. (However, it seems the Iranian operator was only playing with the telex machine or checking out the line...
...Chase Manhattan, Alexander Vagliano, head of Morgan Guaranty's international finance operations, and 19 other bankers and attorneys took their places at 11:00 a.m. in a seventh-floor State Department conference room with Miller and Secretary of State Edmund Muskie. The new offer looked interesting. Bank Markazi suggested that when the Iranian funds were unfrozen, it would repay with interest outstanding loans that had been negotiated with about 100 international banks during the Shah's regime. In addition, Iran agreed to set up an escrow account to pay off other loans. An escrow account is a bank...