The Central Bank of Syria commence operations in 1956. It controls credit and commercial banks, controls the money supply, issues notes, and acts as fiscal agent for the government.[1] Also in 1956, as a result of the Suez War, French and British banking interests in Syria were seized as enemy assets. In 1958, and after the union with Egypt, the state began to Arabize the commercial banking system and in 1961 implemented a policy of limited nationalization.[3] In 1966, the government nationalised all remaining commercial banks in Syria, which were merged into a single consolidated Commercial Bank of Syria.