President Javier Milei’s administration has de-emphasized full official dollarization in favor of a managed crawling exchange-rate band introduced in January 2026, allowing limited peso flexibility alongside greater dollar circulation in payments and savings. Recent reserve-building efforts, an IMF Extended Fund Facility, and post-midterm legislative gains have prioritized fiscal surpluses, inflation reduction toward single digits by 2027, and debt servicing over replacing the peso entirely. Traders price near-zero probability for formal currency substitution by mid-2026 deadlines because no enabling legislation or reserve threshold for conversion has materialized, while dual-currency competition and band adjustments continue to anchor policy. Key upcoming catalysts include 2026 debt maturities and any renewed reserve pressures that could revive or further sideline the original dollarization timeline.