US removes India from its currency monitoring list, says certain developments and steps being taken by New Delhi
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
In both Switzerland and India, there was a notable decline in 2018 in the scale and frequency of foreign exchange purchases, US said
India maintains ample reserves according to the IMF metrics for reserve adequacy, US said
India for the first time was placed by the US in its currency monitoring list in May 2018
Washington: The Trump administration on Tuesday removed India from its currency monitoring list of major trading partners, citing certain developments and steps being taken by New Delhi which address 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 sent to the Congress.
After purchasing foreign exchange on net in 2017, the central bank steadily sold reserves for most of 2018, with net sales of foreign exchange reaching 1.7 percent of GDP over the year, it said.
India maintains ample reserves according to the IMF metrics for reserve adequacy, it said.
In both Switzerland and India, there was a notable decline in 2018 in the scale and frequency of foreign exchange purchases, the report said.
“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 said in its report running into over 40 pages.
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.
In its next report in October 2018, the Treasury had said that India has made improvements and its name would be removed from the currency manipulation list in the next report.
"India's circumstances have shifted markedly, as the central bank's net sales of foreign exchange over the first six months of 2018 led net purchases over the four quarters through June 2018 to fall to $4 billion, or 0.2 percent of the GDP," the Treasury had said in its October 2018 report.
The meeting, which was conducted virtually, welcomed Mongolia and Tajikistan as the 22nd and 23rd members of the Asia region, while Switzerland is Europe's 35th member, with the ICC now comprising 106 members in total, including 94 associates.
The toll in western Germany's Rhineland-Palatinate state, home to the badly hit Ahrweiler county, rose to 98. Belgium confirmed 27 deaths
If China can creep its way into injecting its dark ideology in the world’s most powerful democracy, it is difficult to believe that it has not compromised India’s own political, academic and media ecosystems.