Argentina's central bank has announced a major overhaul to the country's exchange rate policy, unleashing the peso and dismantling its years-long controls on the currency as the country reached a $20 billion IMF deal.

The announcement comes ahead of an expected $20 billion deal with the International Monetary Fund. Argentina will also eliminate the so-called "dollar clamp", that restricted access to foreign currency,

Argentina reached a $20 billion agreement with the International Monetary Fund after President Javier Milei made sweeping changes to ease the nation’s currency controls in a landmark moment for his government.