New Delhi, Oct. 22 -- Argentina's central bank has announced a $20 billion currency swap agreement with the U.S. Treasury Department, just six days before the country's midterm elections.

The deal is aimed at stabilizing the Argentine peso and strengthening the country's ability to manage foreign exchange and market volatility, according to Reuters.

The central bank, known as BCRA, said the agreement sets the framework for bilateral currency swap operations with the United States. These operations will allow the central bank to expand its tools for monetary and exchange rate policies. However, the bank did not provide technical details about how the swap would work.

The Argentine peso has been under strong pressure, hitting a record lo...