US Treasury removes India from its Currency Monitoring List

The United States’ Department of Treasury has removed India from its currency Monitoring List along with Italy, Mexico, Vietnam and Thailand. The Department of Treasury said in its biannual report to the Congress that China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan are part of the current Monitoring List. India had been on the list since two years.

The move came after Secretary of the Treasury Janet Yellen visited India and expatiated with Finance Minister Nirmala Sitharaman. Yellen quoted President Joe Biden as saying that India is an “indespensible partner to the united states”.  She further added, “That’s particularly true today. I believe that these urgent challenges are bringing India and the United States closer together than ever before.”

According to a report, an economy meeting two of the three criteria in the 2015 Act is placed on the Monitoring List.

“Once on the Monitoring List, an economy will remain there for at least two consecutive Reports to help ensure that any improvement in performance versus the criteria is durable and is not due to temporary factors,” the report said.

During the US-India Businesses and investment opportunities event in New Delhi, Janet highlighted that US will be extending its support in India’s G20 presidency.   

“In this report, the Monitoring List comprises China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan. Italy, India, Mexico, Thailand, and Vietnam have been removed from the Monitoring List in this Report, having met only one out of three criteria for two consecutive reports,” the Treasury said.