The CFA franc refers to two currencies (that are interchangeable and have the same value) used in eight West African countries (Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo) and six Central African countries (Cameroon, the Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea, and Gabon) respectively. Both these currencies have the same fixed peg to the euro, and member countries deposit a significant fraction of their foreign reserves with the French Treasury.