The US Treasury removes India from its list of currency monitoring countries

Earlier this week, the US Department of Treasury removed India, Italy, Mexico, Thailand and Vietnam from its Currency Monitoring List of major trading partners that require scrutiny of their currency policies and macroeconomic policies.

The country has been on the list for the last two years.

In conjunction with her visit to New Delhi, Treasury Secretary Janet Yellen held discussions with Finance Minister Nirmala Sitharaman.

This year’s monitoring list includes China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan, according to the Department of Treasury’s biannual report to Congress.

The report stated that a country that has been removed from the list has met only one of three criteria for two consecutive reports.

As a result of China’s failure to disclose foreign exchange interventions and lack of transparency regarding critical features of its exchange rate mechanism, the country stands out among major economies and requires close monitoring by Treasury,” according to the report.

Furthermore, Switzerland was once again deemed a “currency manipulator” after exceeding the threshold for all three criteria.

However, the term was not used in the report, and the Treasury Department maintained insufficient evidence to support its use.

It is announced in a media note that the Treasury will continue its enhanced bilateral engagement with Switzerland, which began in early 2021, to discuss the Swiss authorities’ options for addressing the underlying causes of its external imbalances.

According to this report, Treasury reviewed and assessed the policies of the major US trading partners, representing approximately 80% of US foreign trade in goods and services during the four quarters up to June 2022.

Despite Russia’s illegal war against Ukraine, the global economy already faced supply and demand imbalances caused by COVID-19, which has increased food, fertilizer, and energy prices, further elevating worldwide inflation and rising food insecurity, according to Treasury Secretary Yellen.

Different policies may be adopted by major economies facing various stresses, which can be reflected in the movement of their currencies. According to the Treasury, there are certain circumstances in which developing and emerging economies may be justified in taking a range of approaches in response to global economic headwinds.


Hi, my name is Nisha and I'm an educational journalist based in India. I've always been passionate about the power of education to transform lives, and that's what led me to pursue a career in journalism focused on this area. I completed my Bachelor's degree in English from Hindu College in Delhi in 2013 and then went on to earn my Master's in Journalism and Mass Communication from the Indian Institute of Mass Communication in 2017. During my studies, I also completed several short-term courses on Education in India, Sociology, and other related subjects to deepen my knowledge in this field. I'm particularly interested in improving access to quality education in rural areas, where students often face significant challenges. I've worked on a number of initiatives to address this issue, including advocating for better policies, resources, and practices that can make a difference. As an educational journalist, I'm passionate about using my platform to highlight important issues in the education space. I've covered a wide range of topics, including the impact of technology in the classroom, innovative approaches to teaching and learning, and the challenges facing students from marginalized communities. One of the things I love most about my work is the opportunity to constantly learn and grow. I'm an avid reader and believe that reading is key to expanding one's knowledge and perspective. I'm always seeking out new ideas and insights to help me better understand the world around me. In summary, as an educational journalist, I'm dedicated to using my skills and expertise to make a positive impact in the field of education. I'm committed to improving access to quality education for all students and to using my platform to raise awareness about important issues in this area.

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