Syrian Pound (SYP)

Basic Concepts of the Syrian Pound

The Syrian Pound is the official currency of Syria, with the ISO code SYP, issued and managed by the Central Bank of Syria. It is mainly used for daily transactions and savings, but often faces high inflation due to the unstable domestic economy.

Countries of Use

The Syrian Pound circulates primarily within Syria as the country's legal tender. It is widely used in commerce and daily life in Syrian-controlled areas, including major cities such as Damascus and Aleppo.

Units and denominations

The Syrian pound is divided into smaller units of piastres, with 1 pound equaling 100 piastres. Common bill denominations include 50, 100, 200, 500, 1,000 and 2,000 pounds, while coin denominations are 1, 2, 5, 10 and 25 pounds, although coins are less commonly used due to inflation.

Historical Background

First introduced in 1919, the Syrian pound was initially pegged to the French franc and later to the US dollar. It has undergone a number of political and economic upheavals, including civil wars and sanctions, which have led to a significant devaluation of the currency, and in recent years the black market exchange rate has fluctuated dramatically.