the country rebuild its war-torn infrastructure and economy. Basic information During the 1960s, along socialist lines, the government nationalized most major enterprises and adopted economic policies designed to address regional and class disparities. Economic reform has been incremental and gradual. In 2001, private banking in Syria has been legalized. In 2004, four private banks began operations. In August 2004, a committee was formed to supervise the establishment of a stock market. Beyond the financial sector, the Syrian Government has enacted major changes to rental and tax laws, and is reportedly considering similar changes to the commercial code and to other laws, which impact property rights. Syria produced heavy-grade oil from fields inside in the northeast since the late 1960s. In the early 1980s, light-grade, low-sulphur oil was discovered near Deir ez-Zor in eastern Syria. This discovery relieved Syria of the need to import light oil to mix with domestic heavy crude in refineries. As the war erupted in 2011, Syria's oil production had dropped to 353,000 bpd and then plunged to 24,000 bpd by 2018. Syria's oil reserves have been gradually depleted and reached an estimated 2.5 billion barrels of oil reserves in 2018. In 1990, the government established an official parallel exchange rate to provide incentives for remittances and exports through official channels. This action improved the supply of basic commodities and contained inflation by removing risk premiums on smuggled commodities. Foreign aid to Syria in 1997 totaled an estimated US$199 million. The World Bank reported that in July 2004, it had committed a total of US$661 million for 20 operations in Syria. One investment project remained active at that time. External trade and investment Despite the mitigation of the severe drought that plagued the region in the late 1990s and the recovery of energy export revenues, Syria's economy faces serious challenges. With almost 60% of its population under the age of 20, unemployment higher than the current 9% is a real possibility unless sustained and strong economic growth takes off. Commerce has always been important to the Syrian economy, which benefited from the country's strategic location along major east–west trade routes. Syrian cities boast both traditional industries such as weaving and dried-fruit packing and modern heavy industry. Given the policies adopted from the 1960s through the late 1980s, Syria refused to join the "global economy". In late 2001, however, Syria submitted a request to the World Trade Organization