President Javier Milei’s 2023 campaign centered on full dollarization—replacing the peso, eliminating the central bank, and anchoring monetary policy to the U.S. Federal Reserve—to end chronic inflation. In practice, the administration has prioritized fiscal balance, reserve rebuilding, and a managed crawling-band exchange-rate regime introduced in January 2026, with bands widening gradually around inflation. Milei has publicly noted limited popular support for eliminating the peso, while Congress has advanced broader structural reforms without advancing dollarization legislation. These policy choices, combined with falling inflation and stabilized reserves under the band system, have shifted trader consensus toward very low implied probabilities for formal dollarization by mid-2026 or similar near-term deadlines. Key upcoming catalysts include further legislative sessions on monetary rules and any signals on capital-control liberalization.