Argentina’s government under President Javier Milei has deprioritized official dollarization in favor of a managed exchange-rate regime. Starting January 2026, authorities introduced monthly inflation-linked bands for the peso, initially set between roughly 1,000 and 1,400 per dollar, to accumulate reserves and contain inflation while avoiding the political and technical hurdles of full currency substitution. Milei publicly noted limited public support for replacing the peso outright. Stabilization measures—including fiscal surpluses, a $20 billion U.S. swap line, and IMF-supported programs—have lowered annual inflation from triple digits to around 33 percent, reducing urgency for radical monetary change. No legislative or executive steps toward formal adoption of the dollar as legal tender have advanced, leaving trader-implied probabilities for completion by mid-2026 near zero.