President Javier Milei’s administration has prioritized fiscal balance, reserve accumulation, and gradual exchange-rate flexibility over full dollarization since taking office. Central bank reserves have risen above US$48 billion, the peso’s trading band now adjusts monthly with inflation, and new rules facilitate dollar-denominated lending while currency controls have been eased. These steps, alongside a “golden passport” investment program launched in late 2026 to attract foreign dollars for debt service, have supported peso stability without replacing it as legal tender. No legislative or regulatory moves have advanced an official peg or currency substitution by year-end 2026, leaving trader consensus at low implied probability for near-term dollarization. Scheduled debt payments and 2027 reelection considerations remain key variables that could influence future policy direction.