US removes India, Switzerland from its currency monitoring list

The Trump administration on 28 May 2019 removed India from its currency monitoring list of major trading partners, citing certain developments and steps being taken by New Delhi addressing some of its major concerns. Switzerland is the other nation that has been removed from the list. However, the list includes China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia, and Vietnam among others.

India has been removed from the list after it met only one out of three criteria, necessary for inclusion on the monitoring list, — 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 sent to the Congress.

India for the first time was placed by the US in its currency monitoring list of countries with potentially questionable foreign exchange policies in May 2018 along with five other countries – China, Germany, Japan, South Korea, and Switzerland.

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