Argentina secured a 28-month $1 billion repurchase agreement with five international banks, and the new cash will help the Central Bank shore up foreign exchange reserves, Bloomberg reported on Jan 3.

The "repo agreement" is a credit line provided by international banks, which will receive dollar-denominated bonds from Argentina's Central Bank that pay 4.75% over the U.S. dollar-secured overnight financing rate, totaling 8.8% of interest per year. Argentina's net reserves currently stand between negative $10.4 billion and negative $4.6 billion, and the Central Bank needs to shore up its coffers so it can lift capital controls and prevent a mass depreciation of the Argentine peso, which could fuel inflation and collapse Milei's economic platform and government.