Syrian Pound
   HOME

TheInfoList



OR:

The Syrian pound or lira ( ar, الليرة السورية, al-līra as-sūriyya; abbreviation: LS or SP in
Latin Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally a dialect spoken in the lower Tiber area (then known as Latium) around present-day Rome, but through the power of the ...
, ل.س in
Arabic Arabic (, ' ; , ' or ) is a Semitic languages, Semitic language spoken primarily across the Arab world.Semitic languages: an international handbook / edited by Stefan Weninger; in collaboration with Geoffrey Khan, Michael P. Streck, Janet C ...
, historically also £S, and £Syr; ISO code: SYP) is the
currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general def ...
of
Syria Syria ( ar, سُورِيَا or سُورِيَة, translit=Sūriyā), officially the Syrian Arab Republic ( ar, الجمهورية العربية السورية, al-Jumhūrīyah al-ʻArabīyah as-Sūrīyah), is a Western Asian country loc ...
. It is issued by the
Central Bank of Syria The Central Bank of Syria (CBS; ar, مصرف سورية المركزي, translit=Masrif Suriat Almarkazi) is the central bank of Syria. The bank was established in 1953 and started operations in 1956. Its headquarters are in Damascus, with 11 ...
. The pound is nominally divided into 100
piastre The piastre or piaster () is any of a number of units of currency. The term originates from the Italian for "thin metal plate". The name was applied to Spanish and Hispanic American pieces of eight, or pesos, by Venice, Venetian traders in the ...
s ( ''qirsh,'' plural قروش ''qurūsh'' in
Arabic Arabic (, ' ; , ' or ) is a Semitic languages, Semitic language spoken primarily across the Arab world.Semitic languages: an international handbook / edited by Stefan Weninger; in collaboration with Geoffrey Khan, Michael P. Streck, Janet C ...
, abbreviated to ), although piastre coins are no longer issued. Before 1947, the Arabic inscription of the word "qirsh" was spelled with the initial Arabic letter غ, after which the word began with ق. Until 1958, banknotes were issued with Arabic on the obverse and French on the reverse. Since 1958, English has been used on the reverses, hence the three different names for this currency. Coins used both Arabic and French until independence, then only Arabic.


History

During the period when Syria was a part of the
Ottoman Empire The Ottoman Empire, * ; is an archaic version. The definite article forms and were synonymous * and el, Оθωμανική Αυτοκρατορία, Othōmanikē Avtokratoria, label=none * info page on book at Martin Luther University) ...
, which lasted about 400 years, the
Ottoman lira The lira (sign: LT) was the currency of Ottoman Empire between 1844 when it was replaced by the Turkish lira. The Ottoman lira remained in circulation until the end of 1927, as the republic was not in a position to issue its own banknotes yet in ...
was its main currency. Following the fall of the Ottoman Empire and the placing of Syria under a mandate (French occupation), the
Egyptian pound The pound ( arz, جنيه مصرى '; abbreviation: LE in Latin, in Arabic, historically also £E; ISO code: EGP) is the official currency of Egypt. It is divided into 100 piastres, or ersh ( ; ''plural'' ; abbreviation: PT), or 1,000 mill ...
was used in the territories under French and British mandates, including
Lebanon Lebanon ( , ar, لُبْنَان, translit=lubnān, ), officially the Republic of Lebanon () or the Lebanese Republic, is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus li ...
,
Transjordan Transjordan may refer to: * Transjordan (region), an area to the east of the Jordan River * Oultrejordain, a Crusader lordship (1118–1187), also called Transjordan * Emirate of Transjordan, British protectorate (1921–1946) * Hashemite Kingdom of ...
and
Palestine __NOTOC__ Palestine may refer to: * State of Palestine, a state in Western Asia * Palestine (region), a geographic region in Western Asia * Palestinian territories, territories occupied by Israel since 1967, namely the West Bank (including East ...
. Upon taking Lebanon and Syria under its separate mandate, the French government sought to replace the Egyptian currency and granted a commercial bank, the
Banque de Syrie The Bank of Syria and Lebanon, from 1919 to 1924 ''Banque de Syrie'', from 1924 to 1939 ''Banque de Syrie et du Grand-Liban'', then ''Banque de Syrie et du Liban'' (BSL) from 1939 to 1963, was a French bank that was carved out from the Imperial O ...
(a French affiliate of the
Ottoman Bank The Ottoman Bank ( tr, Osmanlı Bankası), known from 1863 to 1925 as the Imperial Ottoman Bank (french: Banque Impériale Ottomane, ota, بانق عثمانی شاهانه) and correspondingly referred to by its French acronym BIO, was a bank ...
), the authority to issue a currency for territories under its new mandate. The pound (or in French) was introduced in 1919 and was pegged at a value of 20 
francs The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' (King of the Franks) used on early French coins and until the 18th centu ...
. As the political status of Lebanon evolved, the Banque de Syrie, which was to act as the official bank for Lebanon and Syria, was renamed the
Banque de Syrie et du Grand-Liban The Bank of Syria and Lebanon, from 1919 to 1924 ''Banque de Syrie'', from 1924 to 1939 ''Banque de Syrie et du Grand-Liban'', then ''Banque de Syrie et du Liban'' (BSL) from 1939 to 1963, was a French bank that was carved out from the Imperial O ...
(BSL). BSL issued the Syro-Lebanese pound for 15 years, starting in 1924. Two years before the expiration of the 15-year period, BSL split the Lebanese-Syrian currency into two separate currencies that could still be used interchangeably in either state. In 1939, the bank was renamed the
Banque de Syrie et du Liban The Bank of Syria and Lebanon, from 1919 to 1924 ''Banque de Syrie'', from 1924 to 1939 ''Banque de Syrie et du Grand-Liban'', then ''Banque de Syrie et du Liban'' (BSL) from 1939 to 1963, was a French bank that was carved out from the Imperial O ...
. In 1941, the peg to the French franc was replaced by a peg to sterling of LS 8.83125 = £1 stg, as a consequence of the occupation of Syria by British and
Free French Free France (french: France Libre) was a political entity that claimed to be the legitimate government of France following the dissolution of the Third Republic. Led by French general , Free France was established as a government-in-exile ...
forces. This rate was based on the pre-war conversion rate between the franc and Sterling. In 1946, following devaluation of the franc, the pound was pegged once again to the franc at a rate of LS 1 = 54.35 F. In 1947, Syria joined the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
(IMF) and pegged its currency to the
U.S. dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
at LS 2.19148 = US$1, a rate which was maintained until 1961. The Lebanese and Syrian currencies split in 1948. From 1961, a series of official exchange rates were in operation, alongside a parallel, black market rate which reflected the true market rate for Syrian pounds in Jordan and Lebanon where there was a healthy trade in the Syrian currency. The market was allowed to flourish because everybody, including government and public sector companies, needed it. The black market rate diverged dramatically from the official rate in the 1980s. In July 2007, the currency was pegged to the IMF SDR (
Special Drawing Rights Special drawing rights (SDRs, code ) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). SDRs are units of account for the IMF, and not a currency ''per se''. They represent a claim ...
).


Syrian Civil War

There was a
capital flight Capital flight, in economics, occurs when assets or money rapidly flow out of a country, due to an event of economic consequence or as the result of a political event such as regime change or economic globalization. Such events could be an increas ...
to nearby countries, including
Lebanon Lebanon ( , ar, لُبْنَان, translit=lubnān, ), officially the Republic of Lebanon () or the Lebanese Republic, is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus li ...
,
Jordan Jordan ( ar, الأردن; tr. ' ), officially the Hashemite Kingdom of Jordan,; tr. ' is a country in Western Asia. It is situated at the crossroads of Asia, Africa, and Europe, within the Levant region, on the East Bank of the Jordan Rive ...
,
Egypt Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Mediter ...
and
Turkey Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...
, as a result of the Syrian Civil War that started in 2011. In addition, Syria has been subject to sanctions imposed by the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
, the
European Union The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...
and other countries, which shut Syria out of the global financial system. To circumvent the sanctions, Syrians effected foreign transactions through banks in neighbouring countries, especially Lebanon. As a result, the official exchange rate has deteriorated significantly, falling from LS 47 = US$1 in March 2011 to LS 515 = US$1 in July 2017. On 31 October 2019, Syrian President
Bashar Al-Assad Bashar Hafez al-Assad, ', Levantine pronunciation: ; (, born 11 September 1965) is a Syrian politician who is the 19th president of Syria, since 17 July 2000. In addition, he is the commander-in-chief of the Syrian Armed Forces and the ...
mentioned in an interview that:


Exchange rate

On 5 December 2005, the selling rate quoted by the Commercial Bank of Syria was LS 48.4 = US$1. A rate of about LS 50 to US$1 was usual in the early 2000s, but the rate is subject to fluctuations. Since the start of the
civil war A civil war or intrastate war is a war between organized groups within the same state (or country). The aim of one side may be to take control of the country or a region, to achieve independence for a region, or to change government policies ...
in 2011, the pound's unofficial exchange rate has deteriorated significantly. It was LS 47 = US$1 in March 2011 and LS 515 in July 2017. Since July 2007, the Syrian pound has been pegged to the IMF SDR (
Special Drawing Rights Special drawing rights (SDRs, code ) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). SDRs are units of account for the IMF, and not a currency ''per se''. They represent a claim ...
). On 29 November 2019, following the Lebanese protests, the black market rate was LS 765 = US$1, a decrease of 30% since the turmoil started in Lebanon a month earlier, as the protests led Lebanese banks to impose tight controls on hard currency withdrawals and transfers abroad, making it hard for Syrians to access funds held by them in those banks. The black-market rate fell to LS 950 on 2 December 2019, another 25% decrease, while the official rate set by the central bank was LS 434 = US$1. On 13 January 2020, the currency deteriorated further, as more than LS 1,000 was traded for US$1 in the black market, despite being valued at LS 434 = US$1 by the Syrian Central Bank. During the COVID-19 pandemic in Syria, the Syrian pound continued to fall against the U.S. dollar in the black market, where US$1 equaled more than LS 1,600 in May 2020. A month later, the Syrian pound passed LS 2,000 against the dollar, and a few days later, it passed LS 3,000 against the dollar. Upon the implementation of the U.S. sanctions related to the Caesar Act, anti-government local authorities in
Idlib Governorate Idlib Governorate ( ar, مُحافظة ادلب / ALA-LC: ''Muḥāfaẓat Idlib'') is one of the 14 governorates of Syria. It is situated in northwestern Syria, bordering Turkey's Hatay province to the north, Aleppo Governorate to the east, Hama ...
adopted the
Turkish lira The lira ( tr, Türk lirası; sign: ₺; ISO 4217 code: TRY; abbreviation: TL) is the official currency of Turkey and Northern Cyprus. One lira is divided into one hundred ''kuruş''. History Ottoman lira (1844–1923) The lira, along with t ...
in place of the plummeting Syrian pound. Turkish lira has also replaced Syrian pound in other Turkish occupied areas of northern Syria, such as Afrin and
Jarablus Jarabulus ( ar, جَرَابُلُس / ALA-LC: ''Jarābulus'', Aleppo dialect: ''Jrāblos''; tr, Cerablus) is a Syrian city administratively belonging to Aleppo Governorate, under the de-facto control of the Syrian Opposition. Jarabulus lies o ...
. On 3 March 2021, the Syrian pound hit a new record low on the black market, where US$1 bought LS 4,000, affected by a new low of
Lebanese pound The pound or lira ( ar, ليرة لبنانية ''līra Libnāniyya''; French: ''livre libanaise''; abbreviation: LL in Latin, in Arabic, historically also £L, ISO code: LBP) is the currency of Lebanon. It was formerly divided into 100 pias ...
which hit LL 10,000 to the dollar. By June 2021, the Syrian pound was around LS 3,150 to the dollar.


Coins

In 1921, cupro-nickel piastre coins were introduced, followed in 1926 by aluminium bronze 2p and 5p. In 1929, holed, nickel-brass 1pt and silver 10p, 25p and 50p were introduced. Nickel-brass pt coins were introduced 1935, followed by zinc 1pt and aluminium-bronze pt in 1940. During the
Second World War World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
, brass 1pt and aluminium p emergency coins were issued. These pieces were crudely produced and undated. A new coinage was introduced between 1947 and 1948 in denominations of p, 5p, 10p, 25p, 50p and LS 1, with the p, 5p and 10p struck in cupro-nickel and the others in silver. Aluminium-bronze replaced cupro-nickel in 1960, with nickel replacing silver in 1968. In 1996, following high inflation, new coins were introduced in denominations of LS 1, LS 2, LS 5, LS 10 and LS 25, with the LS 25 being bimetallic. In 2003, LS 5, LS 10, and LS 25 coins were issued, with latent images. On December 26, 2018, the Central Bank of Syria introduced a LS 50 coin for general circulation to replace the banknote of that denomination.


Banknotes

In 1919, the
Banque de Syrie The Bank of Syria and Lebanon, from 1919 to 1924 ''Banque de Syrie'', from 1924 to 1939 ''Banque de Syrie et du Grand-Liban'', then ''Banque de Syrie et du Liban'' (BSL) from 1939 to 1963, was a French bank that was carved out from the Imperial O ...
introduced notes for 5p, 25p and 50p, LS 1 and LS 5. These were followed, in 1920, by notes for LS 1, LS 10, LS 25, LS 50 and LS 100. In 1925, the
Banque de Syrie et du Grand-Liban The Bank of Syria and Lebanon, from 1919 to 1924 ''Banque de Syrie'', from 1924 to 1939 ''Banque de Syrie et du Grand-Liban'', then ''Banque de Syrie et du Liban'' (BSL) from 1939 to 1963, was a French bank that was carved out from the Imperial O ...
began issuing notes and production of denominations below 25p ceased. Notes below LS 1 were not issued from 1930. In 1939, the issuing body again changed its name, to the
Banque de Syrie et du Liban The Bank of Syria and Lebanon, from 1919 to 1924 ''Banque de Syrie'', from 1924 to 1939 ''Banque de Syrie et du Grand-Liban'', then ''Banque de Syrie et du Liban'' (BSL) from 1939 to 1963, was a French bank that was carved out from the Imperial O ...
. Between 1942 and 1944, the government introduced notes for 5p, 10p, 25p and 50p. In the early 1950s, undated notes were issued by the Institut d'Emission de Syrie in denominations of LS 1, LS 5, LS 10, LS 25, LS 50 and LS 100, followed by notes dated 1955 for LS 10 and LS 25. The Banque Centrale de Syrie took over paper money issuance in 1957, issuing the same denominations as the Institut d'Emission. In 1958, the French language was removed from banknotes and replaced by English. Notes were issued for LS 1, LS 5, LS 10, LS 25, LS 50, LS 100 and LS 500. In 1966, the design of the LS 25, LS 50, and LS 100 notes were changed. In 1976 and 1977, the designs changed for all the denominations except the LS 500 note. In 1997 and 1998, a new series of notes was introduced in denominations of LS 50, LS 100, LS 200, LS 500 and LS 1,000, with the lower denominations replaced by coins. In 2009, the LS 50, LS 100, and LS 200 pound notes were changed with an entirely new design. On 2 July 2014, a new LS 500 note was introduced, followed by a LS 1,000 note on 30 July 2015, a LS 2,000 note on 2 July 2017, and a LS 5,000 note on 24 January 2021.


2010 series

On 27 July 2010, the Central Bank of Syria issued a new series of banknotes dated 2009 in denominations of LS 50, LS 100, and LS 200. The notes were designed by
Austrian Austrian may refer to: * Austrians, someone from Austria or of Austrian descent ** Someone who is considered an Austrian citizen, see Austrian nationality law * Austrian German dialect * Something associated with the country Austria, for example: ...
banknote designer
Robert Kalina The name Robert is an ancient Germanic given name, from Proto-Germanic "fame" and "bright" (''Hrōþiberhtaz''). Compare Old Dutch ''Robrecht'' and Old High German ''Hrodebert'' (a compound of '' Hruod'' ( non, Hróðr) "fame, glory, honou ...
. The Central Bank of Syria issued new LS 500 and LS 1,000 notes in 2014 and 2015, respectively. The reverse of the new LS 1,000 note features an image of a
Roman mosaic A Roman mosaic is a mosaic made during the Roman period, throughout the Roman Republic and later Empire. Mosaics were used in a variety of private and public buildings, on both floors and walls, though they competed with cheaper frescos for the ...
painting discovered in Deir al-Adas. President
Bashar al-Assad Bashar Hafez al-Assad, ', Levantine pronunciation: ; (, born 11 September 1965) is a Syrian politician who is the 19th president of Syria, since 17 July 2000. In addition, he is the commander-in-chief of the Syrian Armed Forces and the ...
was added to the LS 2,000 note in 2017. A LS 5,000 note was released in January 2021.


See also

*
Economy of Syria Syria's economic situation has been turbulent and their economy has deteriorated considerably since the beginning of the Syrian civil war, which erupted in March 2011.
from Lira news
USDTRY


References


Notes

* *


External links




Syrian Pound Today

Syrian Pound Today
{{Portal bar, Asia, Money, Numismatics Currencies introduced in 1919 Pound, Syrian