US Treasury removes India from its Currency Monitoring List

US Treasury removes India from its Currency Monitoring List

Daily Current Affairs   /   US Treasury removes India from its Currency Monitoring List

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Category : International Published on: November 15 2022

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  • The US Department of Treasury removed India along with Italy, Mexico, Thailand and Vietnam from its Currency Monitoring List of major trading partners that merit close attention to their currency practices and macroeconomic policies.
  • India had been on the list for the last two years.
  • China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan are the seven economies that are a part of the current monitoring list.
  • The US treasury department had placed India on a watchlist of currency manipulators in June this year on account of its significant bilateral trade surplus.
  • When on the US’ Currency Monitoring List, a country is considered a ‘currency manipulator’. A currency manipulator is a designation applied by US government authorities to countries that engage in “unfair currency practices" for a trade advantage.
  • Putting a country under the Currency Monitoring List would mean that the country is artificially lowering the value of its currency to gain an unfair advantage over others. This is because the lower value of the currency will lead to a reduction of the export costs from that country.
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