Syrian Pound - SYP

Overview

The Syrian Pound is the official currency of Syria and is issued by the Central Bank of Syria. The Pound is categorized into 100 qirsh, although qirsh coins are no longer issued.

Economy

• Syria has gradually become a major player in the world economy and is a leader among middle-eastern countries. Syria is considered a middle-income nation and has a very varied and stable economy.
• The main industries are agriculture, energy, and commerce. Although the government and major business owners are well off, the majority of Syrians struggle to earn a decent living.
• Commerce has long been essential to the economy of Syria because of the country’s placement along major trade routes. Syrian businesses rely on a wide variety of industries — from weaving and fruit packing to heavy civil construction.
• The majority of the country’s imports are raw materials that are used for agriculture and commerce.
• Crude and refined oil is by far the largest export, but other products such as cotton, fruits, grains, and clothing are also essential exports.

History

• During the approximately 400 years that Syria was part of the Ottoman Empire, the currency was the Turkish Lira.
• After the Ottoman Empire was dismantled, Syria was put under a compulsory French occupation, and the Egyptian Pound was used in all the territories under French and British mandates, including Lebanon, Transjordan, and Palestine.
• In 1947, the US Dollar was adopted as the peg for the Syrian currency, with 2.19148 Pounds = 1 USD, a rate which was maintained until 1961.

General Information