**President Javier Milei’s administration has prioritized fiscal surpluses, inflation reduction from triple to low double digits, and gradual exchange-rate liberalization within widening bands over formal dollarization.** Supported by a $20 billion IMF facility and U.S. swap lines, the government lifted most capital controls in 2025 and maintained a managed peso float while accumulating reserves, rather than enacting legislation to replace the peso with the U.S. dollar as legal tender or close the central bank. Low net international reserves, substantial 2026 external debt payments, and limited congressional support continue to favor the current stabilization path. Traders therefore assign very low probabilities to completion by mid- or end-2026, reflecting the absence of concrete steps and the focus on incremental reforms amid ongoing IMF reviews and budget timelines.