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India off US currency monitoring list
International

India off US currency monitoring list

Pennews

The Trump administration has 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 includes China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.

“India has been removed from the monitoring list, 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 report on macroeconomic and foreign exchange policies of major trading partners of the US.

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 per cent of GDP over the year, it said.