The Syrian pound is the national currency of Syria

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The official state currency of Syria is called the Syrian pound. The international code designation consists of three capital letters - SYP. The Central Bank of Syria is in charge of issuing the national currency.

Description

Today, metal coins in denominations of one, two, five, ten and twenty-five pounds are used in the country. Paper banknotes in circulation are in denominations of fifty, one hundred, two hundred, five hundred, one thousand and 2 thousand pounds.

50, 100 and 200 SYP notes were introduced in 2009. 500 and 1000 pounds have been used since 2013, and 2000 from 2015. Significant cultural and historical values of the country are depicted on the front and back of the banknotes.

The country's national currency, the Syrian pound, consists of 100 piastres (a bargaining chip). However, now they are practically not used in real life, because they have a low cost.

History of currency

Before World War I, on the territory of modern Syria, the official means of payment was the Ottoman lira, since the country was part of the Turkish (Ottoman) Empire. After the defeat of the Turks in the Syrian war,Lebanon, Palestine and some other territories became mandated territories of France and England.

From this moment Egyptian pounds were used here. From 1924, the Bank of Syria was renamed the Bank of Syria and Lebanon (BSL), as Lebanon acquired a new political status. From that moment on, a single currency was used on the territory of both states for almost 15 years.

Until 1958, Syrian pound banknotes used Arabic on the front and French on the back. Then English was used instead of French.

On metal coins until independence, the text was in both Arabic and French. Since the declaration of the sovereignty of the country, all inscriptions have been minted only in Arabic.

Syrian pound exchange rate

The state currency of the country is not in great demand in the global financial market. This is due to the unstable military-political situation, underdeveloped economy and a small flow of tourists to the republic.

The rate of the Syrian pound against the ruble as of August 2018 is 0.13. That is, there are more than seven and a half SYPs in one ruble. The value gap continues to grow, although not at a very fast pace, as the Russian currency is also unstable and has a downward trend.

If the Syrian pound against the ruble does not have a very stable position, then in comparison with the main world currencies the situation is much worse. US dollar, euro orthe British pound is several hundred times higher than the Syrian currency.

Thus, the rate of the Syrian pound against the dollar as of the end of summer 2018 is approximately 0.002. Accordingly, there are over 515 pounds in one dollar. Almost the same situation when compared with the euro (one EUR contains about 588 SYP).

Exchange transactions

The easiest way to exchange US dollars and euros. The remaining banknotes are almost impossible. Therefore, it is unreasonable to go to the country with rubles.

Exchange can be at the airport, major hotels and financial institutions. You can bring local currency with you without restrictions, but you cannot export it. There are no restrictions on the import of foreign currency, but the amount of more than $ 5,000 must be declared. In addition, it is also impossible to export cash more than the amount that was when imported.

It is better to change cash in small amounts, since the remaining local money after the vacation cannot be taken out and exchanged too.

Cashless payment

Syria is a fairly modern country, but you can't pay with cards everywhere. However, large shopping centers, supermarkets, restaurants and hotels willingly accept bank transfers. Most terminals work with American Express and Diners Club payment systems, less often MasterCard. This makes it a bit more difficult for Russians to use credit cards.

Withdrawing cash from a credit card in the country will not work. Therefore, do not rely too much on credit cards. Better stock up on enough cashmoney and exchange them in small amounts as needed.

ATMs are found only in large cities, and even then infrequently. Bank branches are open only until 13:00 from Saturday to Thursday, so getting to the bank's cash desk is also not an easy task.

Interesting facts

In colloquial speech, less often in writing, the national currency can be called the lira. This is due to the historical factor. When the country was part of the Ottoman Empire, the state currency was the lira. Later, the designation in the colloquial lexicon "migrated" to a new banknote and was fixed there.

The 10 Syrian pounds coin has exactly the same size, shape and weight as the 20 Norwegian kroner. This feature was quickly adopted by Syrian immigrants in Norway, who began to use 10-pound coins in self-service machines, terminals and other automated systems that could not distinguish between money.

Conclusion

Syria is still a fairly cheap tourist destination, as the country's economy has not yet recovered from military conflicts. However, the country has a rich history, culture and a special Arab flavor. Therefore, tourist interest in the country begins to grow, and, accordingly, the national currency becomes more popular.

When going on a trip to this country of the Middle East, it is better to familiarize yourself with the local currency in advance. This will help to learn more about the history of the country and avoid unwanted problems with the exchange andother financial difficulties.