President Javier Milei's administration has prioritized fiscal surplus, inflation reduction, and a flexible crawling exchange rate band introduced in January 2026 over formal dollarization. This managed-band framework, combined with reserve accumulation and external financing, has supported moderate GDP growth and declining price pressures without replacing the peso. Legislative and institutional hurdles, including congressional opposition and the absence of enabling legislation, continue to limit prospects for official currency substitution by late 2026. Trader consensus reflected in low probabilities for near-term resolution dates aligns with these incremental policy choices and the lack of recent catalysts that would accelerate a full shift to the U.S. dollar as legal tender.