1966, the government nationalised all remaining commercial banks in Syria, which were merged into a single consolidated Commercial Bank of Syria. The government created six specialised state-owned banks to promote economic development. The six banks still operate today and are the Central Bank of Syria, Commercial Bank of Syria, Agricultural Co-Operative Bank, Industrial Bank, Popular Credit Bank, and Real Estate Bank. Each bank extends funds to, and takes deposits from a particular sector. Until the 2010s, the Commercial Bank was the only bank in Syria allowed to deal with foreign currency, and was allowed and able to finance foreign trade. The Industrial Bank also is directed more toward the public sector funding, although it is under-capitalized. Reforms since 2000 In the 2000s, Syria started reforms in the financial sector. In 2001, Syria legalized private banks and the sector, while still nascent, has been growing. The old Money and Credit Council and the Central Bank of Syria were reactivated, restoring their role as monetary policymakers and regulators. Foreign banks were given licenses in December 2002, under Law 28 March 2001 which allows the establishment of private and joint-venture banks. Foreigners are allowed up to 49% ownership of a bank, but may not hold a controlling stake. The Damascus Securities Exchange was opened in March 2009. Syria took gradual steps to loosen controls over foreign exchange. In 2003, the government decriminalized private sector use of foreign currencies, and in 2005 it allowed licensed private banks to sell specific amounts of foreign currency to Syrian citizens under certain circumstances and to the private sector to finance imports. In October 2009, Syria further loosened restrictions on currency transfers by allowing Syrians travelling abroad to withdraw the equivalent of up to US$10,000 from their Syrian pound accounts. In practice, the decision allows local banks to open accounts of a maximum of US$10,000 that their clients can use for their international payment cards. The holders of these accounts can withdraw up to US$10,000 per month while travelling abroad. To attract investment and to ease access to credit, the government allowed investors in 2007 to receive loans and other credit instruments from foreign banks, and to repay the loans and any accrued interest through local banks using project proceeds. In February 2008, the government permitted investors to receive loans in foreign currencies from local private banks to finance capital investments. The law passed in 2006 permits the