operation of private money exchange companies. However, there is still a black market for foreign currency. In January 2010, there were 13 private banks, including two Islamic banks. In 2018, there were 14 private commercial banks, of which three were Islamic banks. International sanctions The Syrian Central Bank has been subject to U.S. sanctions since May 2004, under Section 311 of the Patriot Act, with the Bank being accused of money laundering. The sanctions shut Syria out of the global financial system. The U.S. sanctions increased the role of Lebanese and European banks because a ban on transactions between US financial institutions and the Syrian Central Bank increased the demand for intermediary sources for US$ transfers. Because of Syrian government actions during the Syrian Civil War, that began in March 2011, Syria has been subject to various sanctions by the U.S., Canada, EU, Arab League and Turkey. U.S. sanctions imposed by the Caesar Act came into effect on 17 June 2020. To circumvent the sanctions, Syrians effect foreign transactions through banks in neighbouring countries, especially Lebanon, but making them also vulnerable to economic disruptions in those countries. Since the start of the Civil War, and because of international sanctions, there has been movement of funds out of the country to nearby countries. Foreign exchange The government maintains two official exchange rates for the Syria currency, the Syrian pound (LS) — one rate on which the budget and the value of imports, customs, and other official transactions are based, and a second set by the Central Bank of Syria on a daily basis that covers all other financial transactions. An exchange rate of about LS 50 to US$1 was usual in the early 2000s, subject to fluctuations. The pound's official exchange rate has fallen from LS 47 = US$1 before the start of the Syrian Civil War in March 2011 to LS 700 in March 2020 and LS 1,250 in June 2020. The official rate was LS 515 in July 2017, when the peg for the Syrian pound was changed to the IMF SDF (Special Drawing Rights), though the rate tends to be quoted in relation to the US dollar. The official rate on 2 December 2019 was LS 434 = US$1, and LS 471.53 = US$1 on 1 September 2020. The black market is the only source of foreign currencies for Syrian nationals who want to travel abroad, as well