HC Deb 25 November 1947 vol 444 c1792
57. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer the terms of the payments agreement made by His Majesty's Government with Iran, the conclusion of which was officially announced in Teheran on 8th November, 1947.

Sir S. Cripps

In place of a previously existing liability to make gold payments to Persia, arrangements have been made under which Persia may transfer sterling to American accounts in payment for essential supplies not otherwise available on equivalent terms. All Persian official holdings of sterling will carry a guarantee against any depreciation of sterling in terms of gold. I regard these exceptional arrangements, which are subject to termination at three months' notice, as satisfactory, having regard to the importance of Persia as a source of oil.

Colonel Crosthwaite-Eyre

Is it true that under the agreement His Majesty's Government have given £20 million of convertible sterling to Persia this year?

Sir S. Cripps

That is another question.