President Javier Milei’s administration has prioritized fiscal surpluses, sharp inflation reduction, and gradual monetary normalization over formal dollarization. Since April 2025, authorities have lifted most capital controls, introduced a managed peso float within widening exchange-rate bands, secured IMF financing and U.S. swap lines, and advanced central-bank charter reforms to restrict money printing for fiscal deficits. These steps, alongside reserve accumulation and measures enabling greater private dollar use, have stabilized the currency without replacing the peso or closing the central bank. Legislative constraints, reserve shortfalls relative to broad money, and focus on 2026–2027 debt service and elections have kept policy on the current path. Traders therefore assign low probability to official dollarization by late 2026, viewing the managed-float framework and currency-competition reforms as the operative strategy.