The World - News from Nov. 14, 1986
State Department officials said that representatives of the United States and Iran are nearing agreement on the return of about $500 million in Iranian funds held by the Federal Reserve Bank since 1981. The $500 million represents the balance left in a $3.667 billion account Iran put at the disposal of the Federal Reserve Bank in New York to pay off loans the Iranian government owed when economic relations between the two countries were severed during the Carter Administration. However, State Department spokesman Charles Redman said the discussions about the funds “have no connection” to the hostage issue.
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