Syrian pound
الليرة السورية ( Arabic) | |
---|---|
ISO 4217 | |
Code | SYP (numeric: 760) |
Subunit | 0.01 |
Symbol | None official. The abbreviations LS, SP, or ل.س are used. |
Denominations | |
Subunit | |
1⁄100 | piastre (p) |
Banknotes | LS 50, LS 100, LS 200, LS 500, LS 1,000, LS 2,000, LS 5,000 |
Coins | LS 5, LS 10, LS 25, LS 50 |
Demographics | |
User(s) | Syria |
Issuance | |
Central bank | Central Bank of Syria |
Website | cb |
Valuation | |
Inflation | 28.1% |
Source | The World Factbook, 2017 est. |
Value | US$1 = LS 12,562 (official)[1] US$1 = LS 14,000 (parallel market) As of 1 April 2024[update][2] |
The Syrian pound or lira (
Before 1947, the Arabic inscription of the word "qirsh" was spelled with the initial Arabic letter غ, after which the word began with ق. Until 1958, banknotes were issued with Arabic on the obverse and French on the reverse. Since 1958, English has been used on the reverses, hence the three different names for this currency. Coins used both Arabic and French until independence, then only Arabic.
History
During the period when Syria was a part of the
The pound (or livre in French) was introduced in 1919 and was set at a value of 20
In 1941, the peg to the French franc was replaced by a peg to
Syrian Civil War
There was a
On 31 October 2019, Syrian President
One factor which people are not aware of, is that the liberation of an area does not necessarily serve the Syrian pound, because by liberating an area, we are removing its access to dollars which were paid to the terrorists to cover their needs and expenses. This is one of the tools we benefited from. I mean that things are not absolute, and we cannot say that terrorists were serving us in this regard. Not every positive step has a positive impact. That is why I am saying that the issue is complicated.
— Bashar Al-Assad[12]
Exchange rate
On 5 December 2005, the selling rate quoted by the
On 29 November 2019, following the
The black-market rate fell to LS 950 on 2 December 2019, another 25% decrease,[13] while the official rate set by the central bank was LS 434 = US$1.
On 13 January 2020, the currency deteriorated further, as more than LS 1,000 was traded for US$1 in the black market, despite being valued at LS 434 = US$1 by the Syrian Central Bank.[14] During the COVID-19 pandemic in Syria, the Syrian pound continued to fall against the U.S. dollar in the black market, where US$1 equaled more than LS 1,600 in May 2020.[15] A month later, the Syrian pound passed LS 2,000 against the dollar,[16][17] and a few days later, it passed LS 3,000 against the dollar.[18]
Upon the implementation of the U.S. sanctions related to the
On 3 March 2021, the Syrian pound hit a new record low on the black market, where US$1 bought LS 4,000, affected by a new low of Lebanese pound which hit LL 10,000 to the dollar.[21] By June 2021, the Syrian pound was around LS 3,150 to the dollar.[22]
On 31 December 2022, the Syrian pound hit a new record low again on the black market, where each US$1 cost LS 7150, twice as much as a year before.[23]
As of 10 May 2023, the official Exchange rate is LS 7,500 to US$1,[24] where as in the black markets it is LS 9,100 to US$1[25]
Coins
In 1921, cupro-nickel 1⁄2 piastre coins were introduced, followed in 1926 by aluminium bronze 2p and 5p. In 1929, holed, nickel-brass 1pt and silver 10p, 25p and 50p were introduced. Nickel-brass 1⁄2pt coins were introduced 1935, followed by zinc 1pt and aluminium-bronze 2+1⁄2pt in 1940. During the Second World War, brass 1pt and aluminium 2+1⁄2p emergency coins were issued. These pieces were crudely produced and undated.
A new coinage was introduced between 1947 and 1948 in denominations of 2+1⁄2p, 5p, 10p, 25p, 50p and LS 1, with the 2+1⁄2p, 5p and 10p struck in cupro-nickel and the others in silver. Aluminium-bronze replaced cupro-nickel in 1960, with nickel replacing silver in 1968. In 1996, following high inflation, new coins were introduced in denominations of LS 1, LS 2, LS 5, LS 10 and LS 25, with the LS 25 being bimetallic. In 2003, LS 5, LS 10, and LS 25 coins were issued, with latent images. On December 26, 2018, the Central Bank of Syria introduced a LS 50 coin for general circulation to replace the banknote of that denomination. Due to high inflation, only 50 pound coin is in circulation. All other coins are worthless by Dec 2022.[26]
Banknotes
In 1919, the
Between 1942 and 1944, the government introduced notes for 5p, 10p, 25p and 50p. In the early 1950s, undated notes were issued by the Institut d'Emission de Syrie in denominations of LS 1, LS 5, LS 10, LS 25, LS 50 and LS 100, followed by notes dated 1955 for LS 10 and LS 25. The Banque Centrale de Syrie took over paper money issuance in 1957, issuing the same denominations as the Institut d'Emission.
In 1958, the French language was removed from banknotes and replaced by English. Notes were issued for LS 1, LS 5, LS 10, LS 25, LS 50, LS 100 and LS 500. In 1966, the design of the LS 25, LS 50, and LS 100 notes were changed. In 1976 and 1977, the designs changed for all the denominations except the LS 500 note.
In 1997 and 1998, a new series of notes was introduced in denominations of LS 50, LS 100, LS 200, LS 500 and LS 1,000, with the lower denominations replaced by coins. In 2009, the LS 50, LS 100, and LS 200 pound notes were changed with an entirely new design.[27] On 2 July 2014, a new LS 500 note was introduced, followed by a LS 1,000 note on 30 July 2015, a LS 2,000 note on 2 July 2017, and a LS 5,000 note on 24 January 2021.[28]
2009 series
On 27 July 2010, the Central Bank of Syria issued a new series of banknotes dated 2009 in denominations of LS 50, LS 100, and LS 200. The notes were designed by
Image | Value | Dimensions (millimeters) | Main color | Description | Year of first issue | ||
---|---|---|---|---|---|---|---|
Obverse | Reverse | Obverse | Reverse | ||||
£50 | 134 × 64 | Greyish blue | A rectangular Ebla tablet
|
Hafez Al-Assad
|
2009 | ||
£100 | 138 x 64 | Redish orange | Basalt stone gate and Bosra amphitheater | The dome of the Treasury of the Umayyad Mosque, Central Bank of Syria, ancient coin of Philip the Arab | 2009 | ||
£200 | 144 x 64 | Brown | Norias of Hama | Ceiling of Temple of Bel (Palmyra) | 2009 | ||
£500 | 149 x 64 | Blue | Damascus Opera House | "Mosaic of the Musicians" from a Byzantine villa in Maryamin. The clay tablet depicts the Hurrian songs | 2013 | ||
£1000 | 155 x 64 | green | Bosra amphitheater | Roman mosaic of a grape harvest in Deir al-Adas | 2013 | ||
£2000 | 158 x 64 | purple | President Bashar al-Assad and the Umayyad Mosque | Syrian Parliament
|
2015 | ||
£5000 | 157 x 64 | Brown | Syrian soldier statue and the Syrian flag | Eagle and Yarhibol resco from the Temple of Baalshamin (Palmyra) | 2019 |
See also
Current SYP exchange rates | |
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From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD TRY JOD EUR |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD TRY JOD EUR |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD TRY JOD EUR |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD TRY JOD EUR |
References
- ^ "Official exchange rate" (PDF).
- ^ "US Dollar Exchange Rates history | Syrian Pound Today". sp-today.com.
- ^ "World Bank Editorial Style Guide 2020 - page 138" (PDF). openknowledge.worldbank.org. Retrieved 2022-08-01.
- ^ The Central Bank of Syria uses this abbreviation on the security strips of banknotes. https://en.numista.com/catalogue/note268783.html
- ^ "Syria". CIA World Factbook 1990 - page 303. 1 April 1990. Retrieved 2022-06-21.
{{cite book}}
:|website=
ignored (help) - ISBN 9780230271197. Retrieved 2022-08-06.
- ^ a b "Syria (barely) survived a civil war. Can it weather the latest financial crisis?". Los Angeles Times. 29 November 2019.
- ^ Syria: The businessman can't play his hand Euromoney May 1986.
- ^ a b "Syria ends pound's peg to U.S. dollar". The Globe and Mail. 5 June 2007.
- ^ a b "Lebanon crisis wreaks havoc on Syria's war-torn economy". Reuters. 29 November 2019.
- ^ أرشيف أسعار العملات الأجنبية عام 2011 (XLS) (in Arabic). Central Bank of Syria. 2011. Retrieved 27 September 2016.
- ^ "President al-Assad's interview given to al-Sourya and al-Ikhbarya TVs". Syrian Arab News Agency. 31 October 2019.
- ^ "Syrian pound hits record low in panic selling, dealers say". Reuters. 2 December 2019.
- ^ "Syrian Pound Hits Record Low of 1,000 against the Dollar". Asharq Al-Awsat. 13 January 2020.
- ^ "Syrian pound continues to devaluate against USD". Xinhuanet. 17 May 2020. Archived from the original on May 31, 2020.
- ^ "Syrian pound passes 2000 against dollar as new policies fail to stop freefall". Syria direct. 3 June 2020.
- ^ "Syrian pound hits record low against dollar in panic trading, dealers say". Reuters. 4 June 2020. Retrieved 4 June 2020.
- ^ "Syrian pound hits record low ahead of new U.S. sanctions: dealers". Reuters. 9 June 2020.
- ^ "Syria's Idlib adopts Turkish lira in place of plummeting pound". France 24. 15 June 2020.
- ^ Ashawi, Khalil (2018-08-28). "Falling lira hits Syrian enclave backed by Turkey". Reuters. Retrieved 2021-08-19.
- ^ "Syrian pound hits new low in contagion from neighbouring Lebanon's currency crisis". Reuters. 3 March 2021.
- ^ Lebanon currency drops to new low as financial meltdown deepens
- ^ al-Issa, Jana (2023-01-06). "Syrian pound declined 100% in 2022". Enab Baladi. Archived from the original on 2023-01-15. Retrieved 2023-01-15.
- ^ "Official Exchange Rate" (PDF). 2023-04-27.
- ^ "Syrian Pound Today | Exchange Rates and Gold Prices in Syria". sp-today.com. Retrieved 2023-02-04.
- ^ due to fast depreciation, LS 5, and LS 10 coins and 25 pounds coin are practically worthless as of December 2021.50 Liras l([1]). Retrieved on 2020-05-20.
- ^ Linzmayer, Owen (2013). "Syria". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
- ^ "Syria floats new bank note amid soaring inflation". The Age. 25 January 2021.
- ^ Frank Stocker (21 November 2014). "Dieses Land hilft Syrien beim Gelddrucken aus". Die Welt. Retrieved 2013-02-19.
- ^ "Updated-CBS puts into circulation new SYP 1,000 banknotes to replace worn-out currency". June 30, 2015.
Notes
- Krause, Chester L.; Clifford Mishler (1991). ISBN 0873411501.
- Pick, Albert (1994). ISBN 0-87341-207-9.
External links
- Historical banknotes of Syria (in English, German, and French)
- Syrian Pound Today
- Syrian Pound Today