Syrian Money Facts and Exchange Rates Explained

The Syrian pound, also known as the Syrian lira, has been the official currency of Syria since 1946. It's divided into 100 qirush, but due to inflation, qirush are no longer in circulation.

The Syrian government introduced a new currency, the Syrian pound, in 1946, replacing the Ottoman lira. This change was a significant step in Syria's economic history.

Today, the Syrian pound is the primary currency used in everyday transactions, although the US dollar is also widely accepted. The exchange rate is subject to fluctuations, making it essential to stay informed.

The Syrian government has implemented various measures to stabilize the currency, including setting a fixed exchange rate with the US dollar.

Broaden your view: Syrian Lira

The Syrian Pound has a rich history dating back to 1919, when it replaced the Ottoman Lira at par.

The currency was initially pegged to the French Franc, setting the stage for its future value.

In 1948, Syria joined the International Monetary Fund (IMF) and pegged its currency to the US Dollar, marking a significant shift in its economic ties.

The Syrian Pound has faced several devaluations over the years due to economic and political factors, impacting its value and stability.

The ongoing conflict in Syria since 2011 has significantly impacted the currency's value and stability, making it a challenging time for the country's economy.

Explore further: What Is Confederate Money Worth

The Syrian Pound has seen some extreme fluctuations in value. It's now at its lowest value since the start of the country's five-year conflict, having depreciated more than 92 percent.

The black market exchange rate was 625 pounds to the dollar on Sunday, compared to 48 pounds a dollar in March 2011. The official exchange rate was 512 Syrian pounds to the dollar, according to the central bank in Damascus.

To give you a better idea of the currency's value, here's a rough breakdown of the exchange rates over the past few years:

The Syrian economy has contracted by more than 50 percent in real terms since 2011, with the biggest losses in output coming in the energy and manufacturing sectors.

The Syrian Pound has hit its lowest value since the start of the war in 2011, with a depreciation of over 92 percent. This is a staggering decline, and it's no wonder the economy is struggling.

The black market exchange rate was 625 pounds to the dollar on Sunday, compared to 48 pounds a dollar in March 2011. That's a huge difference, and it's clear that the currency has lost a lot of value.

The official exchange rate was 512 Syrian pounds to the dollar, according to the central bank in Damascus. This is still a significant depreciation from the pre-war rate.

The currency's latest depreciation coincided with the beginning of "military operations" in the northern battleground city of Aleppo last month. This is a sad reminder of the devastating impact of the conflict on the economy.

At least 300 civilians, including women and children, were reported killed in the divided city from 22 April before a fragile truce took hold there on Thursday. The human cost of this conflict is heartbreaking.

You might like: Value of Money

The World Bank said last month that Syria's foreign currency reserves had dropped to $700mn by the end of last year. This is a severe decline from the $18bn reserves the country had in 2011.

The conflict has caused a severe decline in oil receipts since the second half of 2012 and disruptions of trade, putting pressure on the exchange rate. This is a big problem for the economy.

Syria's economy has contracted by more than 50 percent in real terms since 2011, with the biggest losses in output coming in the energy and manufacturing sectors. This is a huge blow to the country's economy.

The price of a kilo of tomatoes had risen to 300 from 200 Syrian pounds in just three days, and the cost of a litre of fuel rose to 450 from 400 Syrian pounds. This is a clear example of the inflation that's affecting the country.

You might like: Lira Syrian to Dollar

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

Coins are issued in denominations of 1, 2, 5, 10, and 25 Pounds. Banknotes, on the other hand, come in larger denominations.

The Syrian Pound's coin designs often depict historical figures and cultural symbols. This reflects the nation's rich history and heritage.

Banknotes in Syria are available in denominations ranging from 50 to 5,000 Pounds.

If this caught your attention, see: Syrian Pound Currency Today

The USD to SYP rate has been on a downward spiral, with the Syrian Pound hitting its lowest value since the start of the conflict in 2011. It's now at 625 pounds to the dollar on the black market, a staggering 92% depreciation from its value in March 2011.

The official exchange rate is slightly better, at 512 Syrian pounds to the dollar, according to the central bank in Damascus. However, this is still a far cry from the pre-conflict value of 48 pounds to the dollar.

Discover more: Concept of Value of Money

The Syrian Pound's value has been affected by the ongoing conflict, which has devastated the economy and caused a severe decline in oil receipts. This has put pressure on the exchange rate, leading to a significant depreciation of the Syrian Pound.

Here's a rough idea of how the exchange rate has changed over time:

The Syrian Pound's value is currently so low that even basic necessities like tomatoes and fuel are becoming unaffordable. The price of a kilo of tomatoes has risen to 300 Syrian pounds, and a litre of fuel now costs 450 Syrian pounds.

If you need to convert currency, you can use an online currency converter like the one mentioned in Example 2. Simply type in the amount you want to convert, select the currencies, and the converter will show you the current rate and how it's changed over the past day, week, or month.

You might enjoy: Usd Currency Exchange

The economic impact of the Syrian money crisis is a complex issue with far-reaching effects. The value of the Syrian pound has plummeted, making it difficult for people to afford basic necessities.

In 2019, the Syrian pound lost over 90% of its value, making it one of the worst-performing currencies in the world. This has led to widespread poverty and economic hardship.

The economic crisis has also had a devastating impact on the country's infrastructure, with many hospitals and schools struggling to access basic supplies and services. In fact, many hospitals have had to rely on donations just to stay operational.

The Syrian government's decision to print more money has exacerbated the problem, leading to a severe shortage of cash and a reliance on bartering and black market transactions. This has made it difficult for people to access essential goods and services.

The economic impact of the crisis has also had a significant impact on the country's tourism industry, which was once a major source of revenue. Today, many tourists are deterred by the economic instability and security concerns.

In 2020, the Syrian tourism industry lost an estimated 70% of its revenue, with many hotels and resorts forced to close due to the lack of customers. This has had a ripple effect on the local economy, with many businesses struggling to stay afloat.

The Syrian pound is a currency that's often paired with others for trading and conversion purposes. The most common currency pairings for SYP include SYP to USD, SYP to SGD, SYP to INR, and SYP to AUD.

SYP to USD is a popular pairing due to the widespread use of the US dollar as a global reserve currency. The exchange rate between SYP and USD can fluctuate significantly.

SYP to SGD is another common pairing, especially for those with business or financial ties to Singapore. The Singapore dollar is a stable currency with a fixed exchange rate to the US dollar.

SYP to INR is a significant pairing for those with business or personal connections to India. The Indian rupee is a widely traded currency with a large economy.

SYP to AUD is also a notable pairing, particularly for those with business or financial ties to Australia. The Australian dollar is a popular currency for international trade and investment.