The official state currency of Syria is called the Syrian pound. The international code mark consists of three capital letters - SYP. The national currency is issued by the Central Bank of Syria.
Description
Today, the country uses metal coins of one, two, five, ten and twenty-five pounds face value. Paper banknotes in circulation have face values of fifty, one hundred, two hundred, five hundred, one thousand and 2 thousand pounds.
Banknotes of 50, 100 and 200 SYP were introduced in 2009. 500 and 1000 pounds have been used since 2013, and 2000 since 2015. On the front and back of banknotes significant cultural and historical values of the country are depicted.
The national currency of the country, the Syrian pound, consists of 100 piastres (loose change). However, now they are practically not used in real life, since they have a low cost.
Currency history
Before the First World War, in the territory of modern Syria, the Ottoman lira was the official means of payment, since the country was part of the Turkish (Ottoman) empire. After the defeat of the Turks in the war, Syria, Lebanon, Palestine and some other territories became mandated territories of France and England.
From that moment, Egyptian pounds began to be used here. Since 1924, the Bank of Syria has received the new name Bank of Syria and Lebanon (BSL), since Lebanon has acquired a new political status. From that moment on, the single currency was used on the territory of both states for almost 15 years.
Until 1958, on the Syrian pound denominations, the text on the front side was printed in Arabic, and on the back, in French. Then, instead of French, English was used.
On metal coins, until independence, the text was in both Arabic and French. From the moment the sovereignty of the country was declared, all inscriptions began to be minted only in Arabic.
Syrian pound: course
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, the underdeveloped economy and a small flow of tourists to the republic.
The exchange rate of the Syrian pound to the ruble according to data for August 2018 is 0.13. That is, in one ruble, there are more than seven and a half SYP. The gap in value continues to grow, although not at a very fast pace, since the exchange rate of 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 compared with the main world currencies, the situation is much worse. The value of the American dollar, euro or British pound is several hundred times higher than the Syrian currency.
Thus, the rate of the Syrian pound against the dollar, according to the end of summer 2018, is approximately 0.002. Accordingly, in one dollar, there are over 515 pounds. Almost the same situation when compared with the euro (one EUR contains about 588 SYP).
Exchange operations
The easiest way to exchange US dollars and euros. The remaining banknotes are almost impossible. Therefore, to go to the country with rubles is unreasonable.
They can be exchanged at the airport, large hotels and financial institutions. You can bring local currency with you without restrictions, but you can not export. There are no restrictions on the import of foreign currency, but an amount of more than $ 5,000 must be declared. In addition, it is impossible to export cash more than the amount that was upon import.
It is better to change cash in small amounts, since the local money left after the vacation cannot be taken out and exchanged either.
Cashless payments
Syria is a fairly modern country, but you can’t pay with cards everywhere. However, large shopping centers, supermarkets, restaurants and hotels willingly accept cashless payments. Most terminals work with American Express and Diners Club payment systems, less often MasterCard. Therefore, it is a little more difficult for Russians to use credit cards.
It is not possible to withdraw cash from a credit card in the country. Therefore, do not particularly rely on credit cards. It is better to stock up with enough cash and exchange small amounts if necessary.
ATMs are found only in large cities, and then infrequently. Banking branches are open only until 13:00 from Saturday to Thursday, so getting to the bank cash desk is also not an easy task.
Interesting Facts
In colloquial speech, less often in writing, the national currency can be called a lyre. This is due to historical factors. When the country was part of the Ottoman Empire, the state currency was the lira. Later, the designation in the colloquial vocabulary "migrated" to a new banknote and fixed there.
A coin of 10 Syrian pounds has an absolutely identical size, shape and weight with 20 Norwegian kroner. This feature was quickly adopted by Syrian immigrants in Norway, who began using 10-pound coins in self-service machines, terminals and other automated systems that could not distinguish between the 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 is becoming more popular.
Going on a trip to this country in 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 to avoid unwanted exchange problems and other financial difficulties.