President Javier Milei’s administration has prioritized a managed float with inflation-linked crawling exchange-rate bands and reserve accumulation under an IMF program, rather than pursuing full official dollarization. Early 2026 reforms introduced currency competition, loosened capital controls, and a flexible band system to reduce volatility and rebuild foreign reserves while maintaining the peso as legal tender. Milei has publicly noted limited public support for complete substitution, shifting focus to fiscal surpluses, deregulation, and bilateral financing. Traders assess low near-term probability due to congressional coalition needs, debt obligations through 2027, and the absence of legislative momentum for eliminating the central bank or mandating dollar-only tender. Key upcoming catalysts include reserve targets, mid-2026 inflation data, and any renewed legislative push ahead of the 2027 election cycle.