SYP (Syrian Pound)

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.

RELATED TERMS
  1. LBP

    The currency abbreviation or currency symbol for the Lebanese ...
  2. LBP (Lebanese Pound)

    The currency abbreviation or currency symbol for the Lebanese ...
  3. EGP

    The currency code for the Egyptian pound, the official currency ...
  4. GBP

    The abbreviation for the British pound sterling, the official ...
  5. GBP/USD (British Pound/U.S. Dollar) ...

    The abbreviation for the British pound and U.S. dollar (GBP/USD) ...
  6. SDP (Sudanese Pound)

    The currency abbreviation or currency symbol for the first Sudanese ...
Related Articles
  1. Economics

    3 Economic Challenges Germany Faces in 2016

    Learn about significant economic challenges that Germany will face in 2016. Read about how much it will cost the country to relocate Syrian refugees.
  2. Forex Education

    Forex Currencies: The GBP/USD

    By Brian PerryAlthough it is small in terms of land mass, the economy of the United Kingdom (U.K.) is prosperous. The British (U.K.) pound sterling (or pound) plays an important role in the international ...
  3. Mutual Funds & ETFs

    Top 3 British Pound (GBP) ETFs (FXB, GBB)

    Learn more information about currency exchange-traded funds, and about currency ETFs that are focused specifically on the British pound.
  4. Forex

    GBP-USD Pair

    Trading the GBP-USD currency pair
  5. Forex Education

    About the EGP, or Egyptian Pound

    The EGP, or the Egyptian pound, is the currency of Egypt.
  6. Investing

    The Economic Costs of Europe's Migrant Crisis 

    Europe's migrant crisis has become a fixture in the news cycle. What are the economic costs for countries that welcome the refugees?
  7. Forex

    Top Exchange Rates Pegged To The U.S. Dollar

    From the end of World War II until around 1971, all countries in the IMF pegged their currencies to the U.S. dollar. Today, many still do.
  8. Forex

    British Pound

    A closer look at the British pound
  9. Forex

    History Of Exchange Rates

    How exchange rates are determined today
  10. Term

    How Does a Currency Peg Work?

    When a government initiates a currency peg, it pegs its currency’s value to that of another country.
RELATED FAQS
  1. Why is the British pound / U.S. dollar currency pair known as "trading the cable"?

    The British pound / U.S. dollar currency pair is one of the oldest and most widely-traded currency pairs in the world. The ... Read Answer >>
  2. How can I trade in cross currency pairs if my forex account is denominated in U.S. ...

    The forex market allows individuals to trade on nearly all of the currencies in the world. However, most of the trading is ... Read Answer >>
  3. What currency is affected by the interest rate decisions of the Bank of England (BoE)? ...

    The Bank of England (BoE) is responsible for the interest rate decisions that affect the economy of Great Britain. As with ... Read Answer >>
  4. How are international exchange rates set?

    International currency exchange rates display how much one unit of a currency can be exchanged for another currency. Currency ... Read Answer >>
  5. When computing the PEG ratio for a stock, how is a company's earnings growth rate ...

    Remember that the price/earnings to growth ratio (PEG ratio) is simply a given stock's price/earnings ratio (P/E ratio) divided ... Read Answer >>
  6. How did George Soros "break the Bank of England"?

    In Britain, Black Wednesday (September 16, 1992) is known as the day that speculators broke the pound. They didn't actually ... Read Answer >>
Hot Definitions
  1. Goodwill

    An account that can be found in the assets portion of a company's balance sheet. Goodwill can often arise when one company ...
  2. Return On Invested Capital - ROIC

    A calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments. ...
  3. Law Of Demand

    A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer ...
  4. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  5. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  6. 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 ...
Trading Center