IEOM issues the currency being legal tender in these territories : the "franc CFP" (international code : XPF). The convertibility of the franc CFP is guaranteed by the French Republic. This convertibility is based upon a fixed parity with the euro :
1,000 F CFP = 8.38 EUROS
or 1 F CFP = 0.00838 EURO
More precisely, IEOM issues F CFP bank-notes and F CFP coins. The former have a face value of 10,000, 5,000, 1,000 and 500 F CFP. The latter have a face value of 100, 50, 20, 10, 5, 2 and 1 F CFP. The central bank controls the volume and the quality of bank-notes and coins in circulation.