The Syrian Monetary Unit is the official currency of the Syrian Arab Republic, identified by the symbol "SYP" and represented by the ISO code "SP". It is the legal tender within the country and is issued by the Central Bank of Syria. The monetary unit is subdivided into smaller units, with one Syrian Pound being equivalent to one hundred piastres.
The Syrian Monetary Unit has undergone several changes throughout history. From 1919 to 1926, the Syrian Pound was pegged to the Egyptian Pound, and during that time, the currency was known as the Syrian Egyptian Pound. However, after gaining independence, Syria introduced its own currency, which became familiar as the Syrian Pound.
The currency comes in both coins and banknotes, with coins available in different denominations: 1, 2, 5, 10, 25, and 50 piastres, as well as 1 pound. Banknotes are issued in denominations of 50, 100, 200, 500, and 1000 Syrian Pounds, providing a wide range of convenient options for daily transactions.
The exchange rate of the Syrian Pound is influenced by various factors, including economic conditions, foreign currency reserves, and the country's stability. Due to the ongoing political and economic crisis in Syria, the currency has experienced significant depreciation against major international currencies. This devaluation has led to an increase in inflation rates and a decline in the purchasing power of the Syrian Monetary Unit, presenting various economic challenges for the people and businesses in the country.
