Still, for many ordinary Iranians struggling with post-war inflation and economic challenges, the symbolic importance of the gold outweighed concerns over the fine print. At a time when national pride was bruised by years of occupation, foreign domination, and economic instability, the mere fact that Iran had secured reparations—however modest—was a morale boost.
VII. The Gold’s Journey: From Jolfa to Tehran
After crossing the Aras River, the gold containers made their way southward in a tightly secured convoy. The Iranian military took every precaution to ensure the safety of the cargo. The convoy’s route—stretching from Jolfa through Tabriz and onward to Tehran—was closely monitored, with gendarmerie checkpoints every few kilometers. Reports suggest that the containers were temporarily stored at the Central Bank of Iran’s regional branch in Tabriz before being airlifted to Tehran.
In the capital, the arrival of the gold was marked by a discreet ceremony at the Central Bank, attended by key government officials and members of the Shah’s economic council. No public viewing was allowed, but several economic dailies reported that the transfer had proceeded “without incident” and that the Central Bank’s reserves had “significantly increased.”
Behind the scenes, however, the event triggered intense discussions about monetary policy. Some officials pushed for using the gold to back a major currency reform aimed at stabilizing the rial, while others proposed using it to fund infrastructure projects, such as dams and electrification programs, aligned with the Shah’s modernization plans. In the end, portions of the gold were likely held as reserves, strengthening Iran’s financial credibility with international lenders, while the remainder was gradually converted into liquid capital over the following decade.