{"id":10549,"date":"2025-12-01T21:10:11","date_gmt":"2025-12-02T00:10:11","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=10549"},"modified":"2025-12-01T21:26:32","modified_gmt":"2025-12-02T00:26:32","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c12%ec%9b%94-01%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=10549","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(12\uc6d4 01\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n

    \n
  1. \uc2dc\uc7a5, \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158 \uc9c0\uc18d\uc744 \uc608\uc0c1
    11\uc6d4\uc758 \uc2dc\uc7a5\uae30\ub300\uc870\uc0ac( REM)\uc5d0 \ub530\ub974\uba74, \uc778\ud50c\ub808\uc774\uc158\uc740 11\uc6d4\uc5d0 1.9%, 12\uc6d4\uc5d0\ub294 2%\ub85c \uc608\uc0c1\ub41c\ub2e4.
    1\uc6d4\uacfc 2\uc6d4\uc758 \uc608\uc0c1\uce58\ub294 \uac01\uac01 1.8%\uc640 1.7%\ub85c, \ubb3c\uac00\uc0c1\uc2b9 \ub454\ud654(\ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158) \ucd94\uc138\uac00 \uc9c0\uc18d\ub420 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4.
    \uc804\ub9dd\uc5d0 \ub530\ub974\uba74 \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \uc6d4 2% \uc218\uc900\uc744 \ud558\ud68c\ud560 \uc218 \uc788\uc744\uc9c0\uac00 \ud575\uc2ec \uc7c1\uc810\uc774\ub2e4.
    \ud575\uc2ec \uc9c8\ubb38\uc740 \ubb3c\uac00 \ud558\ub77d \uc18d\ub3c4\uac00 \ub354 \ube68\ub77c\uc9c8\uc9c0, \uc544\ub2c8\uba74 \uadf8 \uc218\uc900(2%) \uadfc\ucc98\uc5d0\uc11c \uc815\uccb4\ub420\uc9c0\ub2e4.
    \ubd84\uc11d\uac00\ub4e4\uc740 \ucd5c\uadfc \ud658\uc728 \ubcc0\ub3d9\uc131\uc774 \ucef8\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uac00\uaca9\uc73c\ub85c\uc758 \uc804\uac00\ub294 \uc81c\ud55c\uc801\uc774\uc5c8\ub2e4\uace0 \ubcf8\ub2e4.
    \ub2ec\ub7ec \uac00\uce58\uac00 \ub354 \ubd88\uc548\uc815\ud558\uace0 \uc0c1\uc2b9\uc138\uc600\uc74c\uc5d0\ub3c4, \uc778\ud50c\ub808\uc774\uc158\uc740 \ud658\uc728 \ubcc0\ub3d9\ud3ed\ubcf4\ub2e4 \ub0ae\uac8c \uc6c0\uc9c1\uc600\ub2e4.
    \uc774\ub294 \uac00\uaca9 \ud615\uc131\uc758 \uc548\uc815\uc131\uc774 \ub192\uc544\uc9c0\uace0 \ud658\uc728 \uc804\uac00\uc728\uc774 \uc81c\ud55c\uc801\uc784\uc744 \uc2dc\uc0ac\ud55c\ub2e4.
    Wise Capital \ud22c\uc790\ud68c\uc0ac\ub294 11\uc6d4 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218(IPC)\uac00 \uc57d 2.2%\uc77c \uac83\uc73c\ub85c \ubcf4\uace0 \uc788\uc73c\uba70, \uc774 \ucd94\uc138\ub97c \uc5f0\uac04\ud654\ud558\uba74 2025\ub144 \uc5f0\uac04 \uc778\ud50c\ub808\uc774\uc158\uc728\uc740 \uc57d 30.07%\ub85c \uc608\uc0c1\ub41c\ub2e4.
    \uc2dd\ud488 \ubd80\ubb38\uc5d0\uc11c\ub294 \ud2b9\ud788 \uc57c\ucc44\uc640 \uc721\ub958 \uac00\uaca9\uc758 \uc0c1\uc2b9\uc73c\ub85c \uc778\ud55c \uac00\uc18d \ud6a8\uacfc\uac00 \uc9c0\uc18d\ub418\uace0 \uc788\ub2e4.
    \uc774 \ubd80\ubb38\uc740 5\uc6d4 \uc774\ud6c4 \uc644\ub9cc\ud55c \uc0c1\uc2b9\uc138\ub97c \ubcf4\uc774\uace0 \uc788\uc73c\uba70, \uc6b4\uc1a1 \ub4f1 \uaddc\uc81c \uac00\uaca9 \uc778\uc0c1 \uc694\uc778\uc758 \uc601\ud5a5\ub3c4 \ubc1b\uace0 \uc788\ub2e4.
    \ub2ec\ub7ec \ubcc0\ub3d9\uc758 \uc601\ud5a5(\uc804\uac00 \ud6a8\uacfc)\uc740 \uc5ec\uc804\ud788 \uc81c\ud55c\uc801\uc774\uc5b4\uc11c, 11\uc6d4\uc758 IPC\ub294 \uc57d 2.2% \uc218\uc900\uc73c\ub85c \ucd94\uc815\ub41c\ub2e4.
    \uc774 \uc5ed\uc2dc 2025\ub144\uc758 \uc5f0\uac04 \uc778\ud50c\ub808\uc774\uc158 30.07%\ub97c \ubc18\uc601\ud55c\ub2e4.
    <\/li>\n\n\n\n
  2. \ud658\uc728 \uc790\uc720\ud654 \uc774\ud6c4 \ub2ec\ub7ec \uc218\uc694 \uae09\uc99d
    \ud658\uc728 \uaddc\uc81c(cepo) \ud3d0\uc9c0 \uc774\ud6c4 \ub2ec\ub7ec \uc218\uc694\uac00 \uae09\uc99d\ud588\ub2e4.
    \uc911\uc559\uc740\ud589(BCRA)\uc758 \ucd5c\uadfc \ubcf4\uace0\uc11c\uc5d0 \ub530\ub974\uba74,
    \uaddc\uc81c \uc644\ud654 \uc774\ud6c4 \ucd1d \uc678\ud654 \ub9e4\uc785\uc561\uc740 223\uc5b5 100\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud588\ub2e4.
    \uc77c\ubc18 \uc2dc\ubbfc\uc758 \ub9e4\ub3c4\ubd84\uc744 \uc81c\uc678\ud558\uba74 \uc21c\ub9e4\uc785\uc561\uc740 \uc57d 196\uc5b5 \ub2ec\ub7ec\ub85c \ucd94\uc815\ub41c\ub2e4.
    \uae30\uc5c5 \ubd80\ubb38\uc758 \uc678\ud658 \uac70\ub798\uae4c\uc9c0 \ud3ec\ud568\ud558\uba74,
    2025\ub144 \ucd08\uae4c\uc9c0 \ub204\uc801\ub41c \ucd1d \ub2ec\ub7ec \uc720\uc785 \uaddc\ubaa8\ub294 290\uc5b5 \ub2ec\ub7ec\ub97c \ub118\ub294\ub2e4.
    \uc774\ub294 \uc0c8 \ud658\uc728 \uccb4\uacc4 \ub3c4\uc785 \uc774\ud6c4 \uae08\uc735 \uc7ac\uc870\uc815 \uaddc\ubaa8\uc758 \uac70\ub300\ud568\uc744 \ubcf4\uc5ec\uc900\ub2e4.
    10\uc6d4 \ub3d9\uc548 \uc8fc\uc694 \uc678\ud654 \uc720\ucd9c \uacbd\ub85c\ub294 \ub2e4\uc2dc \ud574\uc678\uc790\uc0b0\ud615\uc131\uc774\uc5c8\uc73c\uba70, \uc774\ub294 55\uc5b5 9,800\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud588\ub2e4.
    \uc774\ub294 4\uc6d4 \uc774\ud6c4 \uc138 \ubc88\uc9f8\ub85c \ub192\uc740 \uae30\ub85d\uc73c\ub85c,
    7\uc6d4\uacfc 9\uc6d4\uc758 \ud53c\ud06c \uc774\ud6c4 \ub2e4\uc2dc \ub192\uc740 \uc218\uc900\uc774\ub2e4.
    <\/li>\n\n\n\n
  3. BCRA, Bopreal \ub9cc\uae30 \uc0c1\ud658\uc5d0 \uc678\ud658\ubcf4\uc720\uc561 \uc0ac\uc6a9 \ubd88\uac00\ud53c
    \uc911\uc559\uc740\ud589(BCRA)\uc740 \uc624\ub298 10\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758
    Bopreal \ucc44\uad8c(\uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc720 \uc7ac\uac74\ucc44\uad8c) \ub9cc\uae30\ub97c \ub9de\ub294\ub2e4.
    \uc774 \ucc44\uad8c\uc740 \uc911\uc559\uc740\ud589\uc774 \uc678\uad6d \uacf5\uae09\uc5c5\uccb4\uc5d0 \ub300\ud55c \uae30\uc5c5\uc758 \ubd80\ucc44 \uc0c1\ud658\uc744 \uc704\ud574 \ubc1c\ud589\ud55c \uac83\uc774\ub2e4.
    \uc774 \uc758\ubb34\ub97c \uc774\ud589\ud558\uae30 \uc704\ud574 \uc911\uc559\uc740\ud589\uc740 \uad6d\uc81c\ubcf4\uc720\uace0\ub97c \uc0ac\uc6a9\ud574\uc57c \ud55c\ub2e4.
    \uacf5\uc2dd \uc790\ub8cc\uc5d0 \ub530\ub974\uba74 11\uc6d4 \ub9d0 \uae30\uc900 \ucd1d\ubcf4\uc720\uace0\ub294 403\uc5b5 1,400\ub9cc \ub2ec\ub7ec\uc600\ub2e4.
    12\uc6d4\uc5d0\ub294 \uad6d\uace0\uc758 \ub300\uc678\ucc44\ubb34 \uc0c1\ud658\uc73c\ub85c
    \ucd1d 3\uc5b5 3,800\ub9cc \ub2ec\ub7ec\uc758 \uc9c0\uae09\uc774 \uc608\uc815\ub418\uc5b4 \uc788\ub2e4.
    \uc774 \uc911 2\uc5b5 5,900\ub9cc \ub2ec\ub7ec\ub294 \uad6d\uc81c\uae30\uad6c\uc5d0, 7,500\ub9cc \ub2ec\ub7ec\ub294 \uc911\uc559\uc740\ud589\uc774 \ubc1c\ud589\ud55c \ub2e8\uae30\ucc44(Letra) \uc0c1\ud658\uc774\ub2e4.<\/li>\n<\/ol>\n\n\n\n

    \uc774\ub7ec\ud55c \uc0c1\ud658\ub294 \uc5f0\ub9d0 \uc678\ud658\ubcf4\uc720\uc561\uc5d0 \uc555\ubc15\uc744 \uc8fc\uba70,
    IMF\uc640 \uc2dc\uc7a5\uc774 \uc694\uad6c\ud558\ub294 \uc678\ud658\ubcf4\uc720\uc561 \uac15\ud654 \ud544\uc694\uc131\uc744 \ub2e4\uc2dc \ubd80\uac01\uc2dc\ud0a8\ub2e4.
    2026\ub144\uc5d0\ub294 \uc57d 171\uc5b5 \ub2ec\ub7ec\uc758 \ub9cc\uae30\uac00 \ubab0\ub824 \uc788\ub2e4.
    \uc774 \uc911 IMF\uc5d0 44\uc5b5 \ub2ec\ub7ec (1\uc6d4 \uc0c1\ud658),
    \uae30\ud0c0 \uad6d\uc81c\uae30\uad6c\uc5d0 42\uc5b5 \ub2ec\ub7ec,
    \uad6d\ucc44(Bonos Soberanos) \uc0c1\ud658\uc5d0 85\uc5b5 \ub2ec\ub7ec\uac00 \ud3ec\ud568\ub41c\ub2e4.
    \uc774\ub7ec\ud55c \uc0c1\ud669\uc5d0\uc11c \uc815\ubd80\uac00 \uad6d\uc81c \uc790\ubcf8\uc2dc\uc7a5\uc73c\ub85c\uc758 \ubcf5\uadc0(\ubd80\ucc44 \uc790\ubc1c\uc801 \ucc28\uc785\uc2dc\uc7a5 \uc7ac\uc9c4\uc785) \uc5d0 \uc131\uacf5\ud558\ub294 \uac83\uc774 \ud575\uc2ec\uc774\ub2e4.
    \uc774\ub97c \uc704\ud574\uc11c\ub294 \uad6d\uac00\uc704\ud5d8\ub3c4\ub97c \uc57d 400bp \uc218\uc900\uae4c\uc9c0 \ub0ae\ucd94\ub294 \uac83\uc774 \ud544\uc218\uc774\ub2e4.<\/p>\n\n\n\n

      \n
    1. \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\ucc44, 11\uc6d4\uc744 \uc0c1\uc2b9\uc73c\ub85c \ub9c8\uac10
      \uc544\ub974\ud5e8\ud2f0\ub098\uc758 \uad6d\ucc44\ub4e4\uc740 11\uc6d4 \ub9c8\uc9c0\ub9c9 \uac70\ub798\uc77c\uc744 \uc2dc\uc7a5\uc758 \uc6d4\uac04 \ud750\ub984\uc744 \ubc18\uc601\ud558\ub294 \uc6c0\uc9c1\uc784\uc73c\ub85c \ub9c8\uac10\ud588\ub2e4. \uc774\ubc88 \ub2ec \uc2dc\uc7a5\uc740 \uc678\uad6d\ubc95(\ub274\uc695\ubc95) \uc801\uc6a9 \ucc44\uad8c\uc758 \uac15\uc138\uc640 \uad6d\ub0b4\ubc95(\ubcf4\ub098\ub808\uc2a4) \ucc44\uad8c\uc758 \uc57d\uc138\ub85c \ub098\ub258\uc5c8\ub2e4.
      \uadf8\ub7ec\ub098 \ud654\uba74 \ubc16\uc5d0\uc11c \ub354 \uc911\uc694\ud55c \uc9c0\ud45c\uac00 \uc788\uc5c8\ub2e4. \uad6d\uac00\uc704\ud5d8\ub3c4\uac00 648\ud3ec\uc778\ud2b8\uae4c\uc9c0 \ud558\ub77d\ud558\uc5ec 11\uc6d4 \ub0b4\ub0b4 \uc774\uc5b4\uc9c4 \uc704\ud5d8\ub3c4 \ucd95\uc18c\uac00 \uad73\uc5b4\uc84c\ub2e4.
      \ub274\uc695\ubc95 \uc801\uc6a9\uc758 \uae00\ub85c\ubc8c \ucc44\uad8c(GD29, GD30, GD35, GD38, GD46)\uc740 \ubbf8\ubbf8\ud55c \ubcc0\ub3d9\ud3ed \uc18d\uc5d0\uc11c\ub3c4 \ub192\uc740 \uade0\ud615 \uc218\uc900\uc744 \uc720\uc9c0\ud558\uba70 \uc218\uc775\ub960 8.6~10.5%\ub97c \uae30\ub85d\ud588\ub2e4. \ubc18\uba74, \uad6d\ub0b4\ubc95 \ucc44\uad8c(\ubcf4\ub098\ub808\uc2a4)\uc740 \ub2e4\uc2dc \ub4a4\ucc98\uc84c\ub2e4.
      AL29\ub294 \uc57d 0.7% \ud558\ub77d, AL30\uc740 1% \ud558\ub77d, AL35\ub294 \uc18c\ud3ed \ud558\ub77d\uc138\ub85c \ub9c8\uac10\ud588\ub2e4. \uc6d4\uac04 \uae30\uc900\uc73c\ub85c \ubcf4\uba74, \ubcf4\ub098\ub808\uc2a4 \ucc44\uad8c\uc740 \uae00\ub85c\ubc8c \ucc44\uad8c \ub300\ube44 \ub2e4\uc2dc \ud55c \ubc88 \uc5f4\uc138\ub97c \ubcf4\uc600\ub2e4.
      *S&P Merval \uc9c0\uc218(\ud398\uc18c \uae30\uc900)\ub294 10\uc6d4 \uac15\ud55c \ub7a0\ub9ac \uc774\ud6c4 11\uc6d4\uc744 0.8% \uc0c1\uc2b9\uc73c\ub85c \ub9c8\uac10\ud588\ub2e4.
      \ub274\uc695\uc5d0\uc11c\ub294 ADR(\uc544\ub974\ud5e8\ud2f0\ub098 \uae30\uc5c5 \uc608\ud0c1\uc99d\uc11c)\uc774 \ub9c8\uc9c0\ub9c9 \uac70\ub798\uc77c\uc5d0 \uac70\uc758 7% \uae09\ub4f1\ud558\uba70 \ud55c \ub2ec\uc744 \ub9c8\ubb34\ub9ac\ud588\ub2e4.
      <\/li>\n\n\n\n
    2. \uc815\ubd80, \ud658\uc728\uc81c\ub3c4 \uc720\uc9c0
      \uc815\ubd80\ub294 \ud658\uc728\uccb4\uacc4\ub97c \ubcc0\uacbd\ud558\uc9c0 \uc54a\uae30\ub85c \ud55c \uacb0\uc815\uc744 \uc720\uc9c0\ud558\uba70, \uae30\ub300\uc2ec\ub9ac \uac1c\uc120\uacfc \uac70\uc2dc\uacbd\uc81c \uc9c8\uc11c\uc758 \ud68c\ubcf5\uc774 \uacf5\uc2dd\ub2ec\ub7ec \uc548\uc815\uc5d0 \uae30\uc5ec\ud560 \uac83\uc774\ub77c \uae30\ub300\ud558\uace0 \uc788\ub2e4.
      \uadf8\ub7ec\ub098 2025\ub144 \ub9d0\uc5d0\ub294 \uc0c1\uc2b9 \uc555\ub825\uc774 \uc0dd\uae38 \uc218 \uc788\ub294 \uc694\uc778\ub4e4\ub3c4 \uc9c0\uc801\ub41c\ub2e4.
      11\uc6d4\uc5d0 \ub3c4\ub9e4\ud658\uc728\uc740 6.50\ud398\uc18c(+0.5%) \uc0c1\uc2b9\ud588\uc73c\uba70, \ud3c9\uade0 \uc0c1\uc2b9\ub960\uc740 2%\ub85c 10\uc6d4\ubcf4\ub2e4 \ub0ae\uc558\ub2e4. \uc774\ub294 \uae30\ub300 \uc778\ud50c\ub808\uc774\uc158(2% \uc774\uc0c1)\uc744 \ubc11\ub3c4\ub294 \uc218\uc900\uc774\ub2e4.
      11\uc6d4 \ub9d0 \ub3c4\ub9e4\ub2ec\ub7ec\ub294 1,451.50\ud398\uc18c\ub85c \ub9c8\uac10\ud588\ub294\ub370, \uc774\ub294 \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8(1,510\ud398\uc18c) \ub300\ube44 \uc57d 4% \ub0ae\uc740 \uc218\uc900\uc774\ub2e4.
      \ud55c\ud3b8, MEP \ud658\uc728\uc740 1,476.42\ud398\uc18c(\uaca9\ucc28 1.72%), CCL \ud658\uc728\uc740 1,518.74\ud398\uc18c(\uaca9\ucc28 4.63%)\ub85c \ub9c8\uac10\ud588\ub2e4.
      12\uc6d4 \ub9d0 \ub9cc\uae30 A3\uc120\ubb3c\ud658\uc740 1,479.50\ud398\uc18c, \uc989 \uc6d4\uac04 1.9% \uc0c1\uc2b9\uc744 \uc608\uc0c1\ud55c\ub2e4.
      \uc911\uae30 REM \uc870\uc0ac(\uc911\uc559\uc740\ud589 \uc2dc\uc7a5 \uae30\ub300\uc870\uc0ac)\uc5d0 \ub530\ub974\uba74,
      2026\ub144 \ucd08 \ub2ec\ub7ec \uc608\uc0c1\uce58\ub294 1,500\ud398\uc18c(+3.3%)\ub85c \ub098\ud0c0\ub0ac\ub2e4.
      \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \ud558\ub77d \uc694\uc778\ub3c4 \uc874\uc7ac\ud55c\ub2e4.
      12\uc6d4\uc758 \uacc4\uc808\uc801 \uc694\uc778\uc73c\ub85c \ud398\uc18c \uc218\uc694 \uc99d\uac00(\uc5f0\ub9d0 \ubcf4\ub108\uc2a4, \uc18c\ube44 \ub4f1),
      \ubc00 \uc218\ud655\uc73c\ub85c \uc778\ud55c \uc678\ud654 \uc720\uc785 \uc2dc\uc791,
      \uc911\uac04\uc120\uac70 \uc774\ud6c4\uc758 \uae08\uc735\uc2dc\uc7a5 \uc548\uc815\uac10 \ub4f1\uc774 \uadf8\uac83\uc774\ub2e4.
      \ubc18\ub300\ub85c \uc0c1\uc2b9 \uc694\uc778\uc73c\ub85c\ub294
      \ud734\uac00\ucca0 \ub2ec\ub7ec \uc218\uc694 \uc99d\uac00, \ub0ae\uc740 \uc678\ud658\ubcf4\uc720\uace0,
      \uc815\ubd80\uc758 \ud658\uc728\uc870\uc815 \uc5ec\ub825 \ubd80\uc871\uc774 \uc788\uc5b4, \uc774\ub4e4\uc774 \ud658\ud5e4\uc9c0 \uc218\uc694\uc640 \ud658\uc728\uc0c1\uc2b9 \uc555\ub825\uc744 \uc9c0\uc18d\uc2dc\ud0ac \uc218 \uc788\ub2e4.
      La Naci\u00f3n \uc9c0\uc5d0 \uac8c\uc7ac\ub41c \ubcf4\ub3c4\uc5d0\uc11c\ub294 \uc774\ub807\uac8c \ubd84\uc11d\ud588\ub2e4.
      \u201c\ud658\uc728\uc2dc\uc7a5\uc758 \uc0c1\ub300\uc801 \uc548\uc815\uc131\uc740 \uc5ec\ub7ec \uc694\uc778\uc5d0 \uc758\ud574 \uc9c0\ud0f1\ub418\uace0 \uc788\ub2e4.
      \uadf8 \uc694\uc778\ub4e4\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4.
      \ub2ec\ub7ec\uc758 \uacf5\uc2dd \uc2dc\uc7a5 \ub0b4 \uacf5\uae09 \uc99d\uac00,
      \uacc4\uc808\uc801\uc73c\ub85c \ub0ae\uc740 \ud398\uc18c \uc218\uc694,
      \uadf8\ub9ac\uace0 \uc678\ud654\ub85c \ud45c\uc2dc\ub41c \uc5f0\ubc29\uc815\ubd80 \ubc0f \uc9c0\ubc29\uc815\ubd80 \uc790\uae08\uc758 \uc720\uc785\uc774\ub2e4”

      6.\uc815\ubd80\uc758 \uae08\ub9ac \uc870\uc815\uacfc \ub2e8\uae30 \ub2f4\ubcf4 \ucc28\uc785 \uc81c\ud55c \uc870\uce58
      \uc815\ubd80\ub294 \uae08\ub9ac \uccb4\uacc4\ub97c \uc870\uc815\ud558\uace0 \uc740\ud589 \uc2dc\uc2a4\ud15c \ub0b4\ub85c \ud398\uc18c \uc790\uae08\uc744 \ub04c\uc5b4\ub4e4\uc774\uae30 \uc704\ud574 \ub2e8\uae30 \ub2f4\ubcf4 \ucc28\uc785 \uac70\ub798\ub97c \uc81c\ud55c\ud558\uace0 \uc788\ub2e4.
      \uc815\ubd80\ub294 \ud658\uc728 \ud1b5\uc81c\ub825\uc744 \uc783\uc9c0 \uc54a\uc73c\uba74\uc11c \uacbd\uae30 \ud68c\ubcf5\uc744 \ucd09\uc9c4\ud558\uae30 \uc704\ud574 \uae08\ub9ac \uccb4\uacc4\ub97c \uc815\ube44\ud558\ub824 \ud558\uace0 \uc788\uc73c\uba70, \ub3d9\uc2dc\uc5d0 \uc778\ud50c\ub808\uc774\uc158\uc744 \uc0c1\ud68c\ud558\ub294 \uc2e4\uc9c8\uc218\uc775\ub960\uc744 \ubcf4\uc7a5\ud558\ub824\ub294 \ubaa9\ud45c\ub97c \uc138\uc6b0\uace0 \uc788\ub2e4.
      \uc774\ub7ec\ud55c \ub9e5\ub77d\uc5d0\uc11c \uc815\ubd80\ub294 \uc790\ubcf8\uc2dc\uc7a5\uc5d0 \uba38\ubb3c\ub7ec \uc788\ub294 \ud398\uc18c \uc790\uae08\uc744 \uc740\ud589\uad8c\uc73c\ub85c \uc774\ub3d9\uc2dc\ucf1c, \uc815\uae30\uc608\uae08\uc744 \uac15\ud654\ud558\uace0, \ub2e8\uae30 \ub2f4\ubcf4 \ucc28\uc785 \uc2dc\uc7a5\uc758 \uc720\ub3d9\uc131\uc744 \uc904\uc774\ub294 \ud55c\ud3b8 \uba38\ub2c8\ub9c8\ucf13\ud380\ub4dc\uc758 \ub9e4\ub825\uc744 \ub192\uc774\ub294 \ubc29\ud5a5\uc73c\ub85c \uc6c0\uc9c1\uc774\uace0 \uc788\ub2e4.
      \ucd5c\uadfc \uc785\ucc30\uc5d0\uc11c \uc7ac\ubb34\ubd80\ub294 \uae08\ub9ac\ub97c \uc6d4 2.41%\uc5d0\uc11c 2.69%\ub85c \uc778\uc0c1\ud574\uc57c \ud588\ub2e4. \uc774\ub294 2\ucc28 \uc2dc\uc7a5 \uae08\ub9ac \uc218\uc900\uc5d0 \ub9de\ucd94\uae30 \uc704\ud55c \uc870\uce58\uc600\ub2e4.
      \uc774\uc5d0 \ub530\ub77c \uc99d\uad8c\uac70\ub798\uc704\uc6d0\ud68c(CNV)\ub294 12\uc6d4\ubd80\ud130 \uacf5\ub3d9\uc790\uae08\ud380\ub4dc(Fondos Comunes de Dinero)\uac00 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc758 \ucd5c\ub300 20%\ub9cc \ub2e8\uae30 \ub2f4\ubcf4 \ucc28\uc785 \uac70\ub798\uc5d0 \ud22c\uc785\ud560 \uc218 \uc788\ub3c4\ub85d \uc81c\ud55c\ud558\uae30\ub85c \uacb0\uc815\ud588\ub2e4.
      \uc774 \uc870\uce58\ub294 \uba38\ub2c8\ub9c8\ucf13\ud380\ub4dc\uc758 \uae09\uaca9\ud55c \uc131\uc7a5\uc138\uc5d0 \ub300\uc751\ud558\uae30 \uc704\ud55c \uac83\uc73c\ub85c, \uc911\uc559\uc740\ud589(BCRA)\uc774 \uc6b0\ub824\ub97c \uac00\uc9c0\uace0 \uad00\ucc30\ud558\ub358 \ud604\uc0c1\uc774\uc5c8\ub2e4.
      \ud1b5\ud654\ub2f9\uad6d\uc758 \uc694\uccad\uc5d0 \ub530\ub77c CNV\ub294 \ub2e8\uae30 \ub2f4\ubcf4 \ucc28\uc785 \ub178\ucd9c\uc744 \uc904\uc774\uace0, \uadf8 \uc790\uae08\uc744 \uc740\ud589 \uc0c1\ud488 \ubc0f \uc7ac\ubb34\ubd80 \ubc1c\ud589 \uc0c1\ud488\uc73c\ub85c \uc720\ub3c4\ud558\uae30 \uc704\ud574 \uc774\ubc88 \uc81c\ud55c\uc744 \ub3c4\uc785\ud55c \uac83\uc774\ub2e4.
      <\/li>\n\n\n\n
    3. \uc544\ub974\ud5e8\ud2f0\ub098 \ucc44\uad8c\uc5d0 \ub2e4\uc2dc \uc601\ud5a5\uc744 \ubbf8\uce58\ub294 \uae00\ub85c\ubc8c \uc694\uc778
      \ud604\uc7ac \uad6d\uac00\uc704\ud5d8\ub3c4\ub294 \uc57d 650bp \uc218\uc900\uc774\uba70, \uad6d\uc81c\uc801 \uc694\uc778\ub4e4\uc774 \ub2e4\uc2dc \uc544\ub974\ud5e8\ud2f0\ub098 \ucc44\uad8c\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce58\uace0 \uc788\ub2e4.
      \uc2dc\uc7a5\uc5d0\uc11c\ub294 \ubbf8 \uc5f0\uc900(Fed)\uc774 12\uc6d4\uc5d0 \uae08\ub9ac\ub97c \uc778\ud558\ud560 \uac00\ub2a5\uc131\uc744 \uc57d 90%\ub85c \ubcf4\uace0 \uc788\uc73c\uba70, \uc774 \uae30\ub300\uac10\uc740 \uc7ac\ubb34\uc7a5\uad00 \uc2a4\ucf67 \ubca0\uc2a8\ud2b8(Scott Bessent)\uc758 \ubc1c\uc5b8\uc73c\ub85c \ub354\uc6b1 \uac15\ud654\ub418\uc5c8\ub2e4.
      \uadf8\ub294 \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504\uac00 \ud06c\ub9ac\uc2a4\ub9c8\uc2a4 \uc774\uc804\uc5d0 \uc81c\ub86c \ud30c\uc6d4\ubcf4\ub2e4 \uc644\ud654\uc801 \uc131\ud5a5\uc744 \uac00\uc9c4 \uc778\ubb3c\uc744 \uc0c8 \uc5f0\uc900 \uc758\uc7a5\uc73c\ub85c \uc9c0\uba85\ud560 \uac00\ub2a5\uc131\uc774 \uc788\ub2e4\uace0 \uc5b8\uae09\ud588\ub2e4.
      \ube44\ub85d 12\uc6d4 \uae08\ub9ac \uc778\ud558 \uac00\ub2a5\uc131\uc774 \ucee4\uc84c\uc9c0\ub9cc, \ud22c\uc790\uc790\ub4e4\uc740 2025\ub144 \uc774\ud6c4\uc758 \uae08\ub9ac \uc778\ud558 \ud3ed\uacfc \uc18d\ub3c4\uc5d0 \ub300\ud574 \ubcf4\ub2e4 \uc2e0\uc911\ud55c \uc785\uc7a5\uc744 \ubcf4\uc774\uace0 \uc788\ub2e4.
      FedWatch \uc790\ub8cc\uc5d0 \ub530\ub974\uba74,
      2025\ub144 12\uc6d4 \uae08\ub9ac \uc778\ud558 \ud655\ub960\uc740 87.4%,
      2026\ub144 4\uc6d4\uc740 40.3%,
      2026\ub144 7\uc6d4\uc740 33.6%\ub85c \ucd94\uc815\ub41c\ub2e4.
      \uc774\ub294 \ubbf8\uad6d \uae08\ub9ac\uac00 \ub354 \uc624\ub79c \uae30\uac04 \ub192\uc740 \uc218\uc900\uc744 \uc720\uc9c0\ud560 \uac00\ub2a5\uc131\uc744 \uc758\ubbf8\ud558\uba70, \ubbf8\uad6d \uad6d\ucc44\uc758 \ucd94\uac00 \uae08\ub9ac \ud558\ub77d\uc744 \uc81c\ud55c\ud560 \uc218 \uc788\ub2e4.
      \ubbf8\uad6d \uad6d\ucc44 \uc218\uc775\ub960\uc740 \uae00\ub85c\ubc8c \uae30\uc900\uae08\ub9ac\ub85c \uc791\uc6a9\ud558\uae30 \ub54c\ubb38\uc5d0, \uadf8 \uc0c1\uc2b9\uc740 \uc544\ub974\ud5e8\ud2f0\ub098 \ubd80\ucc44\uc5d0 \uc5ed\ud48d\uc73c\ub85c \uc791\uc6a9\ud560 \uc218 \uc788\ub2e4.
      \ubc18\ub300\ub85c \ubcf4\ub2e4 \uc644\ud654\uc801\uc778 \uc5f0\uc900(Fed)\uc740 \uae08\ub9ac \ud558\ub77d\uacfc \ud568\uaed8 \uc804\ubc18\uc801\uc778 \ucc44\uad8c\uc2dc\uc7a5 \uc0c1\uc2b9\uc744 \ucd09\uc9c4\ud560 \uc218 \uc788\ub2e4.
      \uae00\ub85c\ubc8c \uc694\uc778\uc758 \uc601\ud5a5\uc774 \uacfc\uac70\ubcf4\ub2e4 \ucee4\uc84c\uc9c0\ub9cc, \uc804\ubb38\uac00\ub4e4\uc740 \uc5ec\uc804\ud788 \uad6d\ub0b4 \ubcc0\uc218\ub4e4\uc774 \uc544\ub974\ud5e8\ud2f0\ub098 \ucc44\uad8c\uc758 \uc6c0\uc9c1\uc784\uc744 \uacb0\uc815\uc9d3\ub294 \ud575\uc2ec \uc694\uc778\uc774\ub77c\uace0 \ubd84\uc11d\ud558\uace0 \uc788\ub2e4.
      \uc989, \uad6d\ub0b4 \ud1b5\ud654\uc815\ucc45, \uc7ac\uc815 \uc0c1\ud669, \uc778\ud50c\ub808\uc774\uc158 \ud1b5\uc81c\ub825 \ub4f1\uc774 \uc5ec\uc804\ud788 \ucc44\uad8c\uc2dc\uc7a5\uc5d0 \uac00\uc7a5 \ud070 \uc601\ud5a5\uc744 \ubbf8\uce5c\ub2e4\ub294 \uac83\uc774\ub2e4<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      \uc624\ub298\uc758 \uacbd\uc81c \uc774\ub7ec\ud55c \uc0c1\ud658\ub294 \uc5f0\ub9d0 \uc678\ud658\ubcf4\uc720\uc561\uc5d0 \uc555\ubc15\uc744 \uc8fc\uba70,IMF\uc640 \uc2dc\uc7a5\uc774 \uc694\uad6c\ud558\ub294 \uc678\ud658\ubcf4\uc720\uc561 \uac15\ud654 \ud544\uc694\uc131\uc744 \ub2e4\uc2dc \ubd80\uac01\uc2dc\ud0a8\ub2e4.2026\ub144\uc5d0\ub294 \uc57d 171\uc5b5 \ub2ec\ub7ec\uc758 \ub9cc\uae30\uac00 \ubab0\ub824 \uc788\ub2e4.\uc774 \uc911 IMF\uc5d0 44\uc5b5 \ub2ec\ub7ec (1\uc6d4 \uc0c1\ud658),\uae30\ud0c0 \uad6d\uc81c\uae30\uad6c\uc5d0 42\uc5b5 \ub2ec\ub7ec,\uad6d\ucc44(Bonos Soberanos) \uc0c1\ud658\uc5d0 85\uc5b5 \ub2ec\ub7ec\uac00 \ud3ec\ud568\ub41c\ub2e4.\uc774\ub7ec\ud55c \uc0c1\ud669\uc5d0\uc11c \uc815\ubd80\uac00 \uad6d\uc81c \uc790\ubcf8\uc2dc\uc7a5\uc73c\ub85c\uc758 \ubcf5\uadc0(\ubd80\ucc44 \uc790\ubc1c\uc801 \ucc28\uc785\uc2dc\uc7a5 \uc7ac\uc9c4\uc785) \uc5d0 \uc131\uacf5\ud558\ub294 \uac83\uc774 \ud575\uc2ec\uc774\ub2e4.\uc774\ub97c \uc704\ud574\uc11c\ub294 \uad6d\uac00\uc704\ud5d8\ub3c4\ub97c \uc57d 400bp \uc218\uc900\uae4c\uc9c0 \ub0ae\ucd94\ub294 \uac83\uc774 \ud544\uc218\uc774\ub2e4.<\/p>\n","protected":false},"author":6,"featured_media":10550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-10549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-noticias-argentina","category-informes-economicos"],"_links":{"self":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/10549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10549"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/10549\/revisions"}],"predecessor-version":[{"id":10551,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/10549\/revisions\/10551"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/10550"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}