Labor. Currency, exchange rate, and inflation The somoni (SM) was introduced in 2000 to replace the Tajikistani rouble, which had been the currency since 1995. In March 2022, about SM 11.2 equalled US$1.<Oanda.com, March 9, 2022> <ref[oanda.com, March 9, 2022]/ref> Throughout the post-Soviet era, inflation has been a serious obstacle to economic growth and improvement of the standard of living. For the years 2001–3, Tajikistan's inflation rates were 33%, 12.2%, and 16.3%, respectively, but in 2004 the rate fell to 6.8%, and the rate for 2005 was 7.1%. In late 2006, inflation approached the 10% level. The official forecast for 2007 is 7%. Government budget The year 2004 was the first year of budget deficit after three consecutive years of budget surpluses, which in turn had followed four years of deficits between 1997 and 2000. In 2005 revenues totalled US$442 million (aided by improvements in tax collection), and expenditures were US$542 million, a deficit of US$100 million. The approved 2007 state budget calls for revenues of US$926 million and expenditures of US$954 million, leaving a deficit of US$28 million. Foreign economic relations In the post-Soviet era, Tajikistan has substantially shifted its markets away from the former Soviet republics; in 2005, more than 80% of total exports went to customers outside the Commonwealth of Independent States (CIS), including more than 70% to countries of the European Union (EU) and Turkey. However, because most of Tajikistan's food and energy are imported from CIS countries, in 2005 only about 53% of total trade activity was outside the CIS. In 2005, the top overall buyers of Tajikistan's exports, in order of value, were the Netherlands, Turkey, Russia, Uzbekistan, Latvia, and Iran. Besides aluminium, which accounts for more than half of export value, the main export commodities are cotton, electric power, fruits, vegetable oils, and textiles. In 2005 the largest suppliers of Tajikistan's imports, in order of value, were Russia, Kazakhstan, Uzbekistan, Azerbaijan, China, and Ukraine. Those import rankings are determined largely by the high value of fuels and electric power that Tajikistan buys from its neighbours. Another significant import is alumina (aluminium oxide) to supply the aluminium industry. The major suppliers of alumina are Azerbaijan, Kazakhstan, and Ukraine. Tajikistan has suffered trade deficits throughout the post-Soviet era. In 2003, the deficit was US$97 million, based on exports of US$705 million and imports of US$802 million. In 2004, exports were worth US$736 million and imports,