SYP (Syrian Pound)

AAA

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.

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.

RELATED TERMS
  1. Currency

    A generally accepted form of money, including coins and paper ...
  2. Forex - FX

    The market in which currencies are traded. The forex market is ...
  3. Quote Currency

    The second currency quoted in a currency pair in forex. In a ...
  4. Base Currency

    The first currency quoted in a currency pair on forex. It is ...
  5. Currency Pair

    The quotation and pricing structure of the currencies traded ...
  6. Forex Futures

    An exchange-traded contract to buy or sell a specified amount ...
Related Articles
  1. Currency Exchange: Floating Rate Vs. ...
    Forex Education

    Currency Exchange: Floating Rate Vs. ...

  2. Understanding The Spread in Retail Currency ...
    Forex Education

    Understanding The Spread in Retail Currency ...

  3. Basics For Buying And Investing In Bitcoin
    Investing Basics

    Basics For Buying And Investing In Bitcoin

  4. What Would Have To Happen For The Iraqi ...
    Forex Fundamentals

    What Would Have To Happen For The Iraqi ...

comments powered by Disqus
Hot Definitions
  1. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  2. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
  3. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  4. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  5. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  6. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
Trading Center