Niger is part of the 8-member UEMOA, and the currency is the CFA franc. Niger's Central Bank (BCEAO) holds the monetary reserves of all member states and is obliged to hold 65 percent of foreign reserves at the French treasury. France in turn guarantees convertibility of the CFA franc within UEMOA. The BCEAO issues currency notes and regulates credit expansion throughout the region. The CFA franc was pegged to the French franc at 50: 1 from 1948 but because it was over-valued in the late 1980s it was devalued to CFA franc 100:1 French franc. With France having joined the European Monetary Union, the CFA franc is now tied to the euro at 655.959:1.