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SYP (Syrian Pound)

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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.
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Investopedia explains '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.

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