The Central Bank of Syria is expected to continue to implement monetary reform, gradually gaining greater autonomy. The Ministry of Finance has begun issuing Treasury bills to establish a local bond market. Interest rates were lowered by 50 basis points in mid-January to stimulate investment, following cuts in January 2009 and August 2010. The authorities seem relatively unconcerned about rising inflation. To encourage investment, the Central Bank is likely to reduce the restrictions on foreign-currency transactions-two decrees, which facilitated foreign-exchange transactions, were issued in November 2010. All such measures will help to develop the banking sector, in which privatised banks (which can now be 60% foreign owned) are playing an increasing role.