The Argentine government has borrowed about $1.33 billion from Banco Central de la República Argentina's reserves to pay off debt, El Cronista reported.

The borrowed funds were channeled to the National Treasury through 10-year notes, which will expire on Dec. 30, 2029, according to Argentina's official gazette.

An emergency law passed in late 2019 has allowed the Treasury to take up to $4.57 billion from the central bank's international reserves. The country reportedly had been facing debt repayments of $5.00 billion by the end of 2019.

The central bank has issued about 450.00 billion Argentine pesos since the October elections, in which Peronist candidate Alberto Fernández defeated Mauricio Macri. The development prompted the central bank to implement exchange controls in a bid to protect its reserves and maintain stability in the foreign exchange market.

As of Jan. 1, US$1 was equivalent to 60.20 Argentine pesos.