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.

President Javier Milei says that he will lift most of the country’s strict capital and currency controls next week, a high-stakes gamble made possible by a new loan from the International Monetary Fund.

BUENOS AIRES (Reuters) -Argentina is dismantling key parts of its years-long currency controls and loosening its grip on the peso, the central bank said on Friday, a major policy move for the South American nation ahead of a $20 billion IMF deal being finalized.