President Javier Milei’s administration has shifted from early dollarization rhetoric toward a managed crawling-band exchange rate regime launched in January 2026, with the peso anchored in widening bands and supported by reserve purchases. This framework, alongside sustained fiscal surpluses and declining inflation, has delivered economic stabilization without formal currency substitution. Milei has publicly noted limited citizen support for replacing the peso, reducing political momentum. Traders therefore price low near-term odds for official dollarization, viewing the current monetary setup and external financing efforts as the operative path. Key upcoming catalysts include midterm election outcomes and any legislative moves on central-bank reforms or reserve accumulation targets.