Currency
Currency
Relatively few issues concerning currency arose in cases decided by the Iran–United States Claims Tribunal. While many contracts between American claimants and Iran provided for payments in Iranian rials, the 1981 Algiers Declarations established a security account in U.S. dollars for the payment of all claims against Iran. Consequently, as Awards by the Tribunal against Iran were all to be paid in dollars, with a few exceptions, the awarded amounts were stated in dollars. Thus, the principal currency question facing the Tribunal was the choice of the exchange rate for debts due in rials. Awards to Iranian parties were either in dollars or rials, depending upon the debt. While one might have expected Iranian foreign exchange controls, which were put into effect in late 1978, to be a frequent source of dispute, in fact the issue was not often addressed.
Keywords: currency, contracts, claimants, Algiers Declarations, dollars, debts, rials
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