Until 1994, the Comorian franc was pegged to the French franc at the rate of 50 Comorian francs to 1 French franc. This was changed on 12 January 1994, when the currency was devalued in concert with the CFA franc devaluation. however, the Comorian franc was devalued 33⅓% to a new rate of 75 Comorian francs for 1 French franc, while the CFA franc's new rate was 100 CFA francs to 1 French franc. With the creation of the euro in January 1999, the Comorian franc was pegged, at its prevailing rate, to the new currency. The exchange rate is now 491.96775 Comorian francs to 1 euro.