The Central African CFA franc (XAF) is the currency used by six countries in central Africa: Cameroon, the Central African Republic, Chad, the Republic of Congo, Equatorial Guinea, and Gabon. It was introduced in 1945 as a common currency for the French colonies in the region and is pegged to the euro at a fixed rate. The CFA franc is managed by the Central Bank of Central African States (BEAC) and has the same exchange rate as the West African CFA franc (XOF), which is used by eight countries in western Africa.