In May 2009, it was reported that Damascus office prices were skyrocketing. Banking and finance The Central Bank of Syria began operations in 1959. It controls all foreign exchange and trade transactions and gives priority to lending to the public sector. The Central Bank has been subject to US sanctions since May 2004, which has accused the Bank of money laundering. These US sanctions may have increased the role of Lebanese and European banks because a ban on transactions between U.S. financial institutions and the Central Bank of Syria created an increase in demand for intermediary sources for US$ transfers. The United States, European Union, Arab league and Turkey all also imposed sanctions on the Central Bank because of the Civil War. The six specialized state-owned banks – the Central Bank of Syria, Commercial Bank of Syria, Agricultural Co-Operative Bank, Industrial Bank, Popular Credit Bank, and Real Estate Bank – are major financial operators. They each extend funds to, and take deposits from, a particular sector. The Industrial Bank also is directed more toward the public sector, although it is under-capitalized. As a result, the private sector often is forced to bank abroad, a process that is more expensive and therefore a poor solution to industrial financing needs. Many business people travel abroad to deposit or borrow funds. It is estimated that Syrians have deposited US$6 billion in Lebanese banks. In the 2000s, Syria started reforms in the financial sector, including the introduction of private banks and the opening of the Damascus Securities Exchange in March 2009. In 2001, Syria legalized private banks and the sector, while still nascent, has been growing. 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. As of January 2010, 13 private banks had opened, including two Islamic banks. Syria took gradual steps to loosen controls over foreign exchange. In 2003, the government canceled a law that criminalized 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 its restrictions on currency transfers by allowing Syrians travelling abroad to withdraw the equivalent of up