President Javier Milei’s administration has prioritized fiscal surpluses, inflation reduction from triple digits to around 30 percent, reserve accumulation, and a managed peso float within widening exchange-rate bands since 2025, backed by a $20 billion IMF program and U.S. swap lines, rather than pursuing formal dollarization. Legislative constraints, the need to build net reserves, and a shift toward central bank reforms limiting monetary financing have kept policy focused on gradual liberalization and re-monetization. Traders assign low probabilities to adoption by late 2026 because no concrete legislative or executive steps toward replacing the peso have advanced, while scheduled IMF reviews, debt-service obligations through 2027, and ongoing efforts to integrate informal dollar holdings favor the current stabilization path. Key upcoming catalysts include further central bank charter changes and mid-term political dynamics.