The economy is beginning to give indications of macro stability which President Ranil Wickremesinghe has made his primary objective. The most visible of these is the appreciation of the rupee against the dollar and other international currencies which signals a shift from the previous trend of depreciation. Over the past year the cost of the dollar rose by as much as 80 percent in the official exchange rate and even more on the black market. The current appreciation of the rupee is attributed to the rise in foreign exchange earnings including the upswing in tourism. But it is still contingent upon import controls and also non-repayment of foreign debt due to the declaration of bankruptcy.