Damascus, Once the World Leading Centre of Astronomy
In the 14th century, Syria had two of the most notable astronomers who contributed to the world of astronomy and the Syrian Muslim community. Al Khalili came up with tables
July 3, 2024
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History of the Syrian PoundHistory of the Syrian Pound
The Lira is Syria’s official currency. It has evolved numerous times with the changes that Syria and the region in general went through from the late Ottoman era, to the French Mandate, to foreign interventions through to independence, and its usage began in 1948.
Banks in Syria first appeared during the Ottoman era with the establishment of the Ottoman Imperial Bank in 1856, which had British interests. The currency in circulation was the Ottoman currency (also known as the Othmali or AI-Osmali) and it remained the basic monetary unit in the country until the monetary reform in 1888. However, the use of Turkish paper money was very limited.
The Ottoman Bank: The Ottomans established a bank in Damascus built in 1895. It was the nucleus of financial commercial activity in the Old City of Damascus. It was concerned with commercial business and public works, and was able to manage the Ottoman Empire’s funds. It was distinguished by its European architectural style influenced by Ottoman architectural art, and was established at an important site near Damascus’ commercial markets (AI-Asrounya).
Following the allied forces’ entry to Syria in 1918, Turkish paper money was abolished and replaced by the Egyptian pound, which was put into compulsory circulation, whilst accepting the circulation of gold coins of all kinds and sources. It is said that dealing with Egyptian pounds actually led to cash being referred to as “Masari”.
After World War I and the fall of the Ottoman Empire, France began introducing a unified currency for Syria and Lebanon called the “Syrian Lira”. Its exchange rate was linked to the French franc, and was equivalent to 20 francs. During this period, banknotes and coins were issued by the Bank of Syria, which was established in 1919. It changed its name in 1924 to the Bank of Syria and Greater Lebanon after the declaration of the State of Greater Lebanon in 1920. Afterwards, it was renamed in 1939 as the Bank of Syria and Lebanon.
During the Second World War, the French franc merged with the pound sterling, they both became linked to the Syrian pound, and it was equivalent to 883.125 Syrian piasters. In 1947, the US dollar was pegged against the Syrian pound, and it was equivalent to 2.19 pounds.
In 1948, the Syrian pound was completely separated from the Lebanese pound, but both currencies continued to circulate effectively in the two countries even after the monetary separation. Syrian currency was linked to the country’s main economic sector, agriculture. The final separation did not appear until after the customs break between the two countries in 1950. The legislative decree issued on March 28, 1953 was a decisive step, as it defined the concept of the Syrian pound and the rules for banking activities; The actual opening of the Central Bank of Syria was in August 1956.
The value of the Syrian pound has significantly decreased during the events in Syria in the last decade, hence the official exchange rate with the US dollar has risen from 46.98 Syrian pounds per dollar at the beginning of the year 2011, to about 3,500 Syrian pounds per dollar at the end of 2021.
Origin and meaning of the word lira: From the Latin libra, meaning pound, its origin goes back to what was previously known as the Trojan lira, which was minted from pure silver. In the nineteenth century, Egypt and the Ottoman Empire adopted the name and it became equivalent to 100 piasters. The lira is currently used in more than one country, including Syria, Lebanon, Turkey, Italy and Malta
