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Economy, Currency and Banking

pounds equal, largest commercial bank, Central Bank of Syria, Syrian pound, Liban

The basic unit of currency is the Syrian pound, divided into 100 piasters (11.22 pounds equal U.S.$1; 2000 average). Syrian banking was formerly controlled by foreign companies. After the achievement of full independence in 1946, banking operations were conducted to an increasing extent by Syrian-owned banks. Until 1956 currency was issued by the largest commercial bank in Syria, the French-owned Banque de Syrie et du Liban. In that year the Syrian government established a new, state-owned bank, the Central Bank of Syria, and authorized it to issue the national currency.



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pounds equal, largest commercial bank, Central Bank of Syria, Syrian pound, Liban, national currency, Syrian government, banking operations, independence, achievement, foreign companies, average, year

 
 

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