**President Javier Milei’s administration has prioritized fiscal surpluses, inflation reduction, and reserve accumulation over formal dollarization since taking office.** After campaigning on replacing the peso with the US dollar, the government shifted to a managed floating exchange-rate regime with widening bands tied to recent inflation, supported by a $20 billion IMF program, US swap facilities, and domestic reforms including a central bank charter rewrite that limits its mandate to price stability and bars Treasury financing. As of September 2026, no legislation or executive steps have advanced official adoption of the dollar as legal tender. Instead, recent measures focus on coaxing an estimated $170+ billion in off-system dollars into banks and sustaining private holdings of dollars and stablecoins. Traders assign low probabilities to near-term official dollarization because the current stabilization path—backed by export growth, reserve purchases exceeding $14 billion year-to-date, and preparations for 2027 elections—avoids abrupt regime change while addressing capital-flow pressures ahead of the presidential vote.