DEFINITION of 'SYP (Syrian Pound)'
The currency abbreviation for the Syrian pound (SYP), the currency for Syria. The Syrian pound is made up of 100 qirsch (Arabic), or piastre (English/French), although because of inflation, qirsch is no longer used.
BREAKING DOWN 'SYP (Syrian Pound)'
The Syrian pound was introduced in 1919 to replace the Turkish lira. This initial pound was pegged to the French franc at a rate of 20 francs to 1 pound, until 1941 when the peg changed to the British pound at a rate of 8.83125 Syrian pounds to 1 British pound.
Over the years, the peg has changed a number of times:
- 1946: 1 Syrian pound = 54.35 French francs
- 1947: 2.19148 Syrian pounds = 1 U.S. dollar
From 1961 onward, a series of official exchange rates ran parallel to fluctuating market rates, which diverged greatly.