Argentina’s central bank (BCRA) announced on Monday that it has signed a $20 billion currency swap agreement with the US Treasury Department, just days before a crucial midterm election. The central bank's statement said the agreement outlines terms for bilateral currency swap operations between the US and Argentina, though it provided no technical details. “Such operations will allow the BCRA to expand its set of monetary and exchange rate policy instruments, including the liquidity of its international reserves,” the BCRA said, as reported by Reuters. The Argentine peso closed at a record low, down 1.7% on the day, ending at 1,475 per dollar. The BCRA said the pact is part of a comprehensive strategy to enhance its ability to respond to foreign exchange and capital market volatility. The US Treasury did not respond to a request for details on the new swap line and has not issued its own statement about the arrangement.