Argentina Lands $20 Billion IMF Agreement and Eases FX Rules (4)

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.

As part of the agreement announced late Friday, the crisis-prone South American nation will receive $12 billion of the total up front. Argentina’s central bank will let the currency trade freely within a range of 1,000 pesos to 1,400 pesos per dollar, with that spectrum widening by 1% on either end each month. The policy change, among several rolled out, abandoned the strictest currency controls that Milei inherited and ...