A History of the Syrian Pound Exchange Rate: From 48 to the Dollar to Redenomination
Fifteen years, four phases of decline, and a redenomination that reset the notation. How to read historical Syrian pound figures without misinterpreting them.
Last reviewed: 6 September 2026
Read the unit before you read the number
Every historical figure on this page is in old Syrian pounds unless stated otherwise, because that is the unit in which the entire history was recorded. Since 1 January 2026 the currency has been redenominated at 100 old pounds to 1 new pound.
So a 2023 rate of about 13,000 pounds to the dollar and a 2026 rate of about 130 new pounds are on the same scale once you account for the notation. Divide any historical figure by 100 to express it in new pounds.
This single point causes more misreadings of Syrian economic history than any other, and it is worth fixing before looking at a single chart.
Historical rates for the Syrian pound come from parallel markets that were fragmented, informal and often unrecorded. Reputable sources differ, sometimes substantially, on rates for a given year. The figures below are presented as ranges and as the direction of travel — not as precise daily quotes.
The timeline
| Period | Approximate rate (old SYP per USD) | What was happening |
|---|---|---|
| End of 2010 | ~48 | The pre-conflict baseline |
| 2011-2012 | ~59 to 70 | Conflict begins; Western sanctions start to bite |
| 2013 | ~150 to 180 | Oil production falls, exports halt |
| 2014 | ~200 to 220 | Conflict intensifies |
| 2015-2016 | ~500 | A historic low, at the time |
| 2017-2018 | ~430 to 500 | Relative stabilisation despite sanctions |
| 2019 | ~600 to 1,000 | Lebanon's financial collapse removes a key banking channel |
| Mid-2020 | Above 3,000 | First time past that line, after the Caesar Act took effect |
| 2021 | ~3,500 to 4,000 | Continued erosion |
| 2022 | ~4,500 to 5,000 | Continued erosion |
| 2023 | ~6,000 to 13,000 | Sharp collapse over the course of the year |
| Early Dec 2024 | ~16,000 | Immediately before the fall of the regime |
| After 8 Dec 2024 | ~15,000 | Partial recovery as the situation settled |
| 1 Jan 2026 | Redenomination | 100 old SYP become 1 new SYP |
| Sept 2026 | ~131.75 new SYP (≈13,175 old) | Parallel market, Damascus |
Ranges compiled from Al Jazeera's reporting on the pound's performance and other published accounts; figures for a given year vary between sources.
Phase one: erosion, 2011 to 2014
The pound entered 2011 at around 48 to the dollar and left 2014 near 220 — a loss of roughly three-quarters of its value in four years. The mechanism was straightforward: conflict cut production, sanctions cut export markets, and the pound fell as the country's ability to earn foreign currency fell with them.
The turn from 2012 to 2013 was the sharpest of the early period, coinciding with the loss of oil output and the halt of exports that had previously anchored foreign-currency earnings.
Phase two: the long plateau, 2015 to 2019
The pound reached roughly 500 to the dollar by the end of 2016 — described at the time as a historic low — and then held in a relatively narrow band through 2017 and 2018. Stabilisation at a devastated level is still stabilisation, and it lasted about three years.
It ended in 2019, and the trigger was largely external. Lebanon's financial collapse closed off a banking channel that Syrian businesses and households had relied on to hold and move foreign currency. The rate roughly doubled.
Phase three: collapse, 2020 to 2024
Mid-2020 took the pound past 3,000 to the dollar for the first time, following the Caesar Act's entry into force. From there the decline continued through 2021 and 2022 before accelerating dramatically in 2023, when the rate moved from around 6,000 in the first half to roughly 13,000 by December.
By late 2024 the pound was near 16,000. During the military operation that began on 27 November 2024 it fell to substantially weaker levels, with reports of trading near 30,000 to 40,000 at the extreme.
Across the period from 2011, the pound lost more than 94% of its value against the dollar.
Phase four: after December 2024
With the fall of the regime on 8 December 2024 and a relative settling of conditions, the pound recovered from its crisis lows to around 15,000 to the dollar. A recovery from a panic is not the same as a strengthening currency, but it did mark the end of the free fall.
What followed was structural rather than market-driven: the removal of comprehensive US sanctions from July 2025, the repeal of the Caesar Act in December 2025, the central bank's return to SWIFT, and the redenomination itself.
The 2026 redenomination, and what it did not do
On 1 January 2026 two zeros were removed from the currency. Prices, wages and balances were all divided by 100 simultaneously, so purchasing power was untouched. Redenomination is a change of notation, not of value.
What it does deliver is practical: fewer digits in every transaction, fewer arithmetic errors, less physical cash to move for the same purchase, and a currency that reads like other currencies again. New banknotes of 50, 100, 200 and 500 pounds and coins of 10 and 25 were introduced, with a 90-day transition window for exchanging old notes.
As of September 2026 the parallel market prices the dollar at roughly 131.75 new pounds — about 13,175 in the old notation. Measured against the 48 pounds of 2010, the scale of what happened over fifteen years is visible in a single line.
Frequently asked questions
What was the Syrian pound worth before 2011?
About 48 pounds to the US dollar at the end of 2010, in old pounds — the equivalent of 0.48 new pounds in today's notation.
How much value has the pound lost since 2011?
More than 94% of its value against the US dollar in the years following 2011, according to published accounts of the period.
Why do different sources give different historical rates?
Because for most of this period the meaningful rate was set in fragmented parallel markets rather than published by an authority. Different observers sampled different cities, days and channels, so their figures diverge — particularly during periods of rapid movement.
Did the 2026 redenomination make the pound stronger?
No. Removing two zeros changed how amounts are written, not what they buy. Prices, salaries and savings were all divided by 100 together, leaving purchasing power exactly as it was.
How do I convert an old rate into new pounds?
Divide by 100. A 2023 rate of 13,000 old pounds to the dollar is 130 new pounds to the dollar in current notation.
What happened to the rate when the regime fell?
The pound had weakened sharply during the operation that began on 27 November 2024, with reports of trading well beyond 16,000 to the dollar. After 8 December 2024 it recovered to around 15,000 as conditions settled.
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