Syrian Pound


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Syrian Pound

The currency of Syria. It was introduced after World War I under the French Mandate. It was first pegged to the French franc, then the British pound and finally the U.S. dollar. Now, the Central Bank of Syria sets official exchange rates, but these can vary widely from the black market exchange rates. There are restrictions in place on how many pounds can leave the country at a given time. It is known as the pound in English, the livre in French, and the lira in Arabic.
References in periodicals archive ?
Soda: 50 Syrian pounds could have bought two cans of Coca-Cola before the revolution.
Six years ago, the exchange rate for $100 was 5,000 Syrian pounds but now it is 55,000 Syrian pounds.
The combined consolidated assets of all six banks in Syrian pounds were 6.86 percent higher, while they increased only by 2.7 percent when calculated in U.S.
"Life in Syria is very, very expensive now," said oneDamascene who had spent 650 Syrian pounds ($9 US dollars) the previous day on a cooked chicken that would have cost about 350 a few months ago, the FT reported earlier this month ."The value of the dollar is increasing very, very fast," she said.
The official currency, which was relatively stable at an exchange rate of 46 Syrian pounds for a single US dollar before the March 2011 protests, has swiftly decreased in value.
"The cheap Syrian pound has even allowed some firms to export products to Iraq."
Damascus, SANA - A special work meeting chaired by Prime Minister Imad Khamis on Monday, during which the participants decided to continue supporting exports to spare the export field the repercussions of the decline of the US Dollar exchange rate against the Syrian Pound.
The Effect of the Conflict on Syrian Banking and Economy Someone's parody of obituary announcements commonly posted in Syrian neighborhoods when someone dies: this one announces the passing of the "Syrian Pound"
Still, while a US dollar was worth about 47 Syrian pounds (Dh1.72) in March 2011, the exchange rate topped 220 Syrian pounds last week, which meant that the Syrian pound lost about 80 per cent of its value in two years.
Controls on the foreign exchange were also relaxed and introduced new unified exchange rate for the Syrian Pound. Many basic banking transactions like issuing letter of credit, and selling foreign currency were legalized in Syria, in addition to simplifying the lending process.
The CBS went on to say that it has been working since the beginning of the crisis in Syria to maintain a balanced exchange rate of the Syrian pound as its official reserves have managed to keep the exchange rate at acceptable levels.
Before the uprising in Syria erupted in March 2011, the exchange rate of the Syrian pound was as low as 50 to the U.S.