The banking system was radically reformed in 1989 to reflect economic liberalization and again in 1997 with Guinea-Bissau's entry into UEMOA. There are 2 private commercial banks in Guinea-Bissau, and an investment bank was launched with Portuguese capital. All banks were closed during the civil war and only re-opened in July 1999. Loan repayments are difficult due to the effects of the war, and credit availability is also set to contract due to reduced savings. The central bank was replaced by the Banque Centrale des États de l'Afrique de l'Ouest (Central Bank for West African States, BCEAO) when Guinea-Bissau joined UEMOA, and BCEAO has taken over part of the former central bank's assets and liabilities.