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What is the Currency of Syria called?

The Syrian pound (also known as the lira) is a currency in circulation in Syria. The denominations of coins are 1, 2, 5, 10 and 25, and the denominations of banknotes are 50, 100, 200, 500 and 1000; 1 US dollar is about 500 Syrian pounds.

On July 2, 2017, Syria issued a new version of its banknotes with a face value of 2,000, with the portrait of President Bashar al-Assad printed for the first time. The 2,000 Syrian pound banknotes issued this time are the largest banknotes in the country, about $3.90. The front of the banknotes features President Bashar’s portrait and the back is the Syrian People’s Assembly.

Basic definition

(Arabic: الليرة السورية al-līra as-sūriyya, French: livre syrienne English: Syrian Pound) is the currency in circulation in Syria, issued by the Central Bank of Syria. The currency unit is piaster, 1 pound = 100 piaster. Original old symbols: ￡.Syr.; ￡.S., standard symbol SYP, currency values: 2.5, 5, 10, 25, 50 piaster and 1 pound.

Exchange rate: exchange rate (there are three exchange rates approved by the government): official: 1 US dollar = 11.2 Syrian pounds; customs: 1 US dollar = 35 Syrian pounds; trade with a third country: 1 US dollar = 43.5 Syrian pounds.

1SYP=100 piastres

Coins were in Arabic and French until Syria became independent, then only Arabic.

History

During the period when Syria was a part of the Ottoman Empire, which lasted about 400 years, the Ottoman lira was its main currency. Following the fall of the Ottoman Empire and the placing of Syria under a mandate (French occupation), the Egyptian pound was used in the territories under French and British mandates, including Lebanon, Transjordan and Palestine. Upon taking Lebanon and Syria under its separate mandate, the French government sought to replace the Egyptian currency and granted a commercial bank, the Banque de Syrie (a French affiliate of the Ottoman Bank), the authority to issue a currency for territories under its new mandate.

The pound (or livre in French) was introduced in 1919 and was pegged at a value of 20 francs.[6] As the political status of Lebanon evolved, the Banque de Syrie, which was to act as the official bank for Lebanon and Syria, was renamed the Banque de Syrie et du Grand-Liban (BSL). BSL issued the Syro-Lebanese pound for 15 years, starting in 1924. Two years before the expiration of the 15-year period, BSL split the Lebanese-Syrian currency into two separate currencies that could still be used interchangeably in either state. In 1939, the bank was renamed the Banque de Syrie et du Liban.

In 1941, the peg to the French franc was replaced by a peg to sterling of LS 8.83125 = £1 stg, as a consequence of the occupation of Syria by British and Free French forces. This rate was based on the pre-war conversion rate between the franc and Sterling. In 1946, following devaluation of the franc, the pound was pegged once again to the franc at a rate of LS 1 = 54.35 F. In 1947, Syria joined the International Monetary Fund (IMF) and pegged its currency to the U.S. dollar at LS 2.19148 = US$1, a rate which was maintained until 1961.

The Lebanese and Syrian currencies split in 1948. From 1961, a series of official exchange rates were in operation, alongside a parallel, black market rate which reflected the true market rate for Syrian pounds in Jordan and Lebanon where there was a healthy trade in the Syrian currency. The market was allowed to flourish because everybody, including government and public sector companies, needed it. The black market rate diverged dramatically from the official rate in the 1980s. In July 2007, the currency was pegged to the IMF SDR (Special Drawing Rights).

New banknotes

On July 2, 2017, Syria issued a new version of its banknotes with a face value of 2,000, with the portrait of President Bashar al-Assad printed for the first time. The 2,000 Syrian pound banknotes issued this time are the largest banknotes in the country, about $3.90. The front of the banknotes features President Bashar’s portrait and the back is the Syrian People’s Assembly.

The official explanation for why Assad’s face is printed on the new banknotes is to show that Syria’s economy and currency are in good shape and have no political implications. This version of the banknotes was printed in Russia in 2015. It was originally planned to be put into circulation that year. Considering the issues of monetary policy and exchange rate, it was decided to officially issue when the exchange rate fluctuation slowed down. This version of the banknote has multiple anti-counterfeiting marks and is not easy to counterfeit.

Exchange Rate (June 5, 2016)

1 US dollar = 514 Syrian pounds

1 Euro = 600.66 Syrian pounds

1 RMB = 76.11 Syrian pounds