India Removed From United States Currency Monitoring List
New Delhi: The United States on Tuesday removed India from its currency monitoring list of major trading partners, in lieu of certain developments and steps being taken by New Delhi which addresses some of its major concerns.
Switzerland is the other nation that has been removed by the US from its currency monitoring list which among others include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia, and Vietnam.
“India has been removed from the monitoring list in this report, having met only one out of three criteria- a significant bilateral surplus with the US- for two consecutive reports,” the treasury department said in its latest semi-annual report on macroeconomic and foreign exchange policies of major trading partners of the US.
“Neither Switzerland nor India met the criteria for having engaged in persistent, one-sided intervention in either the October 2018 report or this report. Both Switzerland and India have been removed from the monitoring list,” the treasury added.
India maintains ample reserves according to the IMF metrics for reserve adequacy, it said.