Syrian Pound (SYP)

The Syrian Pound (SYP) is the official currency of Syria.

The currency code for the Syrian Pound is SYP, and the symbol commonly used is “£S” or “LS” (from the French “livre syrienne”).

The Central Bank of Syria is responsible for issuing and managing the nation’s money supply, as well as setting and implementing monetary policy.

History of the Syrian Pound

The Syrian Pound was introduced in 1919, replacing the Ottoman Lira at par.

The currency was initially pegged to the French Franc and later to the British Pound. In 1948, Syria joined the International Monetary Fund (IMF) and pegged its currency to the US Dollar.

Over the years, the Syrian Pound has faced several devaluations due to economic and political factors.

The ongoing conflict in Syria since 2011 has significantly impacted the currency’s value and stability.

Denominations and Subdivisions

The Syrian Pound is divided into 100 smaller units called piastres, although due to inflation, piastre coins are no longer in circulation.

Coins are issued in denominations of 1, 2, 5, 10, and 25 Pounds, while banknotes are available in denominations of 50, 100, 200, 500, 1,000, 2,000, and 5,000 Pounds.

The designs on Syrian Pound coins and banknotes often depict historical figures, cultural symbols, and landmarks, reflecting the nation’s rich history and heritage.

Exchange Rates and Economy

The ongoing conflict in Syria has had a significant impact on the country’s economy, causing high inflation, depreciation of the Syrian Pound, and a decline in foreign currency reserves.

As a result, the exchange rate of the Syrian Pound has been subject to extreme volatility in recent years.

The Syrian economy has historically relied on agriculture, oil production, and textiles.

However, the ongoing conflict has severely disrupted these sectors, leading to widespread unemployment, poverty, and a decline in the overall standard of living.

Summary

The Syrian Pound is the official currency of Syria, managed by the Central Bank of Syria.

Introduced in 1919, the currency has faced numerous challenges due to economic and political factors, particularly the ongoing conflict since 2011.

The Syrian Pound is subdivided into 100 piastres, with coins and banknotes issued in various denominations.

The conflict in Syria has significantly impacted the country’s economy and the stability of its currency.

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