Argentina has sealed a $20 billion extended fund facility (EFF) with the International Monetary Fund and dismantled large parts of its currency controls as libertarian President Javier Milei looks to drag the country out of a prolonged economic slump.

Argentina assets jumped after the country lifted most of its capital controls as part of its new $20 billion program with the International Monetary Fund.

Central bank to undo a fixed currency peg and let the peso freely fluctuate within a moving band between 1,000 and 1,400 pesos per dollar.