Haiti's unit of currency is the gourde, consisting of 100 centimes. The gourde's value in relation to the United States dollar has been fixed at 5 to 1 since 1934. On the black market the gourde often is worth less than half its official value. U.S. currency is recognized as legal tender. The national Bank of Haiti is government-owned and performs commercial and central bank functions. U.S., French, and Canadian banks operate on a small scale. In the mid-1990s Haiti's major exports were light manufactured goods and coffee, and its chief imports were machinery and manufactured goods, food and beverages, and chemicals. The United States was Haiti's primary trading partner, buying 84 percent of its exports and supplying 64 percent of its imports. In the early 1990s, exports were valued at $135 million and imports at $423 million. Haiti is a member of the Association of Caribbean States (ACS), a free-trade organization comprising 12 Caribbean nations and the members of the Caribbean Community and Common Market (CARICOM).