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.[1] The old Money and Credit Council and the Central Bank of Syria were reactivated, restoring their role as monetary policymakers and regulators.[2] Foreign banks were given licenses in December 2002, under Law 28 March 2001 which allows the establishment of private and joint-venture banks.