August 1981 - August 17, 1981 (Monday)

August 17, 1981 (Monday)

• Iran hostage crisis: The Federal Reserve Bank of New York transferred to the N.V. Settlement Bank of the Netherlands the amount of $2,038,000,000 of Iranian assets to conclude the Algiers Agreement reached in January. Of that, one billion was tranferred to an interest bearing "Security Account" for payment of future claims made against Iran, and the remainder was transferred to Bank Markazi Iran. Under the agreement, Iran was required to replenish the account if its balance falls below $500,000,000.