Argentina sealed a $20 billion, 48-month Extended Fund Facility deal with the International Monetary Fund on Friday and, in a major policy move ahead of the deal, dismantled key parts of its years-long currency controls and loosened its grip on the peso.

Argentine President Javier Milei's economy minister says the libertarian government would lift the country's strict capital and currency controls in a few days, a high-stakes gamble made possible by a new loan from the International Monetary Fund.

The South American nation’s central bank announced that it will undo a fixed currency peg from Monday, letting the peso freely fluctuate within a moving band between 1,000 and 1,400 pesos per dollar,