Andronikos II was plagued by economic difficulties. During his reign the value of the Byzantine hyperpyron depreciated precipitously, while the state treasury accumulated less than one seventh the revenue (in nominal coins) that it had previously. Seeking to increase revenue and reduce expenses, Andronikos II raised taxes, reduced tax exemptions, and dismantled the Byzantine fleet (80 ships) in 1285, thereby making the Empire increasingly dependent on the rival republics of Venice and Genoa. In 1291, he hired 50–60 Genoese ships, but the Byzantine weakness resulting from the lack of a navy became painfully apparent in the two wars with Venice in 1296–1302 and 1306–10. Later, in 1320, he tried to resurrect the navy by constructing 20 galleys, but failed.