On 5 September, the Central Bank of Uzbekistan implemented a free-floating exchange rate regime, removing the peg of the local currency (som) against the US dollar, which resulted in an almost immediate halving of its value. The decree also relaxed some capital controls on foreign currency for businesses and individuals. The measure aims to eliminate the black market trade in currency, as well as to increase domestic competiveness and attract foreign investment. The weaker som is expected to increase the cost of imports, including cereals, of which the country imports some 30 percent of its consumption requirements. In an effort to curb the possible increase in prices, the Government passed a resolution, on 13 September, to move to inflation targeting as the monetary policy framework.