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.
