{"id":10760,"date":"2025-12-13T08:34:31","date_gmt":"2025-12-13T11:34:31","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=10760"},"modified":"2025-12-13T08:53:17","modified_gmt":"2025-12-13T11:53:17","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c12%ec%9b%94-12%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=10760","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(12\uc6d4 12\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. \uacbd\uc81c\ubd80 \uc5f0\ub9d0 \ud398\uc18c \ucc44\uad8c \ubc1c\ud589\uc73c\ub85c \ub9c8\uac10, \ub9cc\uae30 \uc0c1\ud658\uc561 \ucd08\uacfc\ud55c \uc870\ub2ec\ub85c \uae08\uc735 \uc555\ub825 \uc644\ud654
    \uacbd\uc81c\ubd80\ub294 \uc62c\ud574 \ub9c8\uc9c0\ub9c9 \ud398\uc18c\ud654 \ubd80\ucc44 \uc785\ucc30\uc744 \uc131\uacf5\uc801\uc73c\ub85c \ub9c8\ubb34\ub9ac\ud558\uba70, \ucd1d 21.3\uc870 \ud398\uc18c \uaddc\ubaa8\uc758 \uad6d\ucc44\ub97c \ubc1c\ud589\ud588\ub2e4.
    \uc774 \uae08\uc561\uc740 12\uc6d4\uc5d0 \ub9cc\uae30\uac00 \ub3c4\ub798\ud558\ub294 \ubd80\ucc44\uc561\uc758 102%\ub85c, \uc0c1\ud658\uc561\uc744 \ucd08\uacfc\ud558\ub294 \uc218\uc900\uc774\ub2e4.
    \uc774\ubc88 \uc870\uce58\ub85c \uc815\ubd80\ub294 2025\ub144 \uc7ac\uc815 \ud504\ub85c\uadf8\ub7a8\uc744 \uacf5\uc2dd\uc801\uc73c\ub85c \uc885\ub8cc\ud588\ub2e4.
    \uc785\ucc30 \uc804 \ucd94\uc815\uc5d0 \ub530\ub974\uba74, \ub9cc\uae30 \ub3c4\ub798\ud558\ub294 \uc57d 13\uc870 \ud398\uc18c\uc758 \ubd80\ucc44 \uc911 \uc0c1\ub2f9 \ubd80\ubd84\uc774 \ubbfc\uac04 \ubd80\ubb38\uc774 \ubcf4\uc720\ud558\uace0 \uc788\uc5c8\ub2e4.
    \uadf8\ub7fc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc774\ubc88 \uc870\ub2ec\uc561\uc758 \uaddc\ubaa8\ub294 \uc2dc\uc7a5\uc758 \uc608\uc0c1\uc744 \ub6f0\uc5b4\ub118\ub294 \uac83\uc774\uc5c8\ub2e4.
    \uc774\ub294 \uc5f0\ub9d0 \uc0c1\uc5ec\uae08 \uc9c0\uae09 \ub4f1\uc73c\ub85c \ud604\uae08 \uc218\uc694\uac00 \uae09\uc99d\ud55c \ub2ec\uc774\uc5c8\uace0, \ub3d9\uc2dc\uc5d0 \uc911\uc559\uc740\ud589(BCRA) \ub0b4 \uc7ac\ubb34\ubd80 \uacc4\uc88c \uc794\uc561\uc774 \uc57d 3.4\uc870 \ud398\uc18c\ub85c \ub9e4\uc6b0 \ub0ae\uc740 \uc218\uc900\uc774\uc5c8\uae30 \ub54c\ubb38\uc774\ub2e4.
    \uc815\ubd80\ub294 \uae08\ub9ac \uc778\ud558 \uc815\ucc45\uc744 \uc720\uc9c0\ud55c \uc0c1\ud0dc\uc5d0\uc11c \uc131\uacf5\uc801\uc778 \ubc1c\ud589\uc744 \uc774\ub918\ub2e4.
    \uc774\ub7ec\ud55c \ud398\uc18c \ud761\uc218(\ud1b5\ud654 \ud761\uc218) \ub294 \ub2e4\uc2dc\uae08 \uc2dc\uc7a5 \uc720\ub3d9\uc131\uc5d0 \uae34\uc7a5\uac10\uc744 \uc8fc\uace0 \uc788\uc73c\uba70, \uc774\ub294 11\uc6d4 \uc778\ud50c\ub808\uc774\uc158\uc774 \uc608\uc0c1\ubcf4\ub2e4 \ube60\ub974\uac8c \uac00\uc18d\ud654\ub41c \ud658\uacbd \uc18d\uc5d0\uc11c \ubc1c\uc0dd\ud588\ub2e4.
    \uc778\ud50c\ub808\uc774\uc158\uc740 11\uc6d4\uc5d0 2.5% \uc0c1\uc2b9\ud558\uba70 \uc608\uc0c1\uce58\ub97c \uc6c3\ub3cc\uc558\ub2e4.
    \uc7ac\ubb34\uccad\uc740 \uc774\ubc88 \uc785\ucc30 \uc131\uacfc\uac00 \u201c\uc815\ubd80\uac00 \uc5b4\ub824\uc6b4 \uacc4\uc808\uc801 \uc2dc\uae30\uc5d0\ub3c4 \ubd80\ucc44 \ub9cc\uae30 \uc0c1\ud658 \ub2a5\ub825\uc744 \ucda9\ubd84\ud788 \uc785\uc99d\ud588\ub2e4\u201d\ub294 \uc810\uc744 \uac15\uc870\ud588\ub2e4.
    \ub610\ud55c \uc790\uae08\uc870\ub2ec \ube44\uc6a9\uc758 \uac1c\uc120\ub3c4 \uc9c0\uc801\ud588\ub2e4.
    \uad6c\uccb4\uc801\uc73c\ub85c\ub294, \uc774\uc804 \uc785\ucc30 \ub300\ube44 \uace0\uc815\uae08\ub9ac \ucc44\uad8c\uc758 \ud3c9\uade0 \uae08\ub9ac\uac00 20bp(0.20%) \ud558\ub77d\ud588\uace0,
    2026\ub144 5\uc6d4 \ub9cc\uae30 \uc778\ud50c\ub808\uc774\uc158 \uc5f0\ub3d9\ucc44(CER) \uc758 \uc5f0\ud658\uc0b0 \uae08\ub9ac(TEA) \uac00 100bp(1%) \uc778\ud558\ub418\uc5c8\ub2e4.
    \uac00\uc7a5 \uc8fc\ubaa9\ud560 \ub9cc\ud55c \ub370\uc774\ud130\ub85c\ub294, 2028\ub144 6\uc6d4 \ub9cc\uae30 CER \ucc44\uad8c\uc5d0\uc11c 3.6\uc870 \ud398\uc18c\uac00 \ubc1c\ud589\ub418\uc5c8\uc73c\uba70, \ud574\ub2f9 \ucc44\uad8c\uc758 \uc2e4\ud6a8\uae08\ub9ac(TEA)\ub294 8.88%\uc600\ub2e4.
    \ub610\ud55c \uc774\ubc88 \ubc1c\ud589\uc73c\ub85c \uc778\ud574 \uc804\uccb4 \ucc44\uad8c\uc758 \ud3c9\uade0 \ub9cc\uae30\uac00 1.2\ub144 \uc5f0\uc7a5\ud588\uc73c\uba70, \uc774\ub294 \ucd5c\uadfc 3\ucc28\ub840 \uc785\ucc30 \ud3c9\uade0\uc758 \ub450 \ubc30 \uc218\uc900\uc774\uc5c8\ub2e4.<\/li>\n<\/ol>\n\n\n\n

    2. \uc778\ud50c\ub808\uc774\uc158\uc740 11\uc6d4\uc5d0 \ub2e4\uc2dc \uac00\uc18d\ud558\uba70, \ucd5c\uadfc 7\uac1c\uc6d4 \uc911 \ucd5c\uace0\uce58\ub97c \uae30\ub85d\ud588\ub2e4.
    11\uc6d4 \uc778\ud50c\ub808\uc774\uc158\uc740 2.5%\ub97c \uae30\ub85d\ud558\uba70, 4\uc6d4 \uc774\ud6c4 \uac00\uc7a5 \ub192\uc740 \uc218\uce58\ub97c \ubcf4\uc600\ub2e4.
    \uc774\ub294 INDEC(\uad6d\uac00\ud1b5\uacc4\uccad) \uc774 \ubaa9\uc694\uc77c\uc5d0 \ubc1c\ud45c\ud55c \ubcf4\uace0\uc11c\uc5d0 \ub530\ub978 \uac83\uc774\ub2e4.
    \uc774\ubc88 \uc778\ud50c\ub808\uc774\uc158 \uc0c1\uc2b9\uc740 \uc2dd\ud488 \uac00\uaca9\uc758 \uae09\ub4f1(\ud2b9\ud788 \uc721\ub958) \uc5d0 \ud06c\uac8c \uc601\ud5a5\uc744 \ubc1b\uc558\ub2e4.
    \uc774 \uacb0\uacfc, \uc62c\ud574 \ub204\uc801 \uc778\ud50c\ub808\uc774\uc158\uc740 27.9%,
    \uc804\ub144 \ub3d9\uae30 \ub300\ube44 \uc0c1\uc2b9\ub960\uc740 31.4%\uc5d0 \uc774\ub974\ub800\ub2e4.
    \uc0c1\uc2b9\ud3ed\uc5d0 \ud06c\uac8c \uae30\uc5ec\ud55c \ud56d\ubaa9\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:
    \uc8fc\uac70, \uc218\ub3c4, \uc804\uae30, \uac00\uc2a4 \ubc0f \uae30\ud0c0 \uc5f0\ub8cc(+3.4%), \uc694\uae08 \uc870\uc815\uc5d0 \ub530\ub978 \uc0c1\uc2b9
    \uad50\ud1b5(+3%), \ud2b9\ud788 \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc9c0\uc5ed \ubc84\uc2a4 \ubc0f \uc9c0\ud558\ucca0 \uc694\uae08 \uc778\uc0c1
    \uc2dd\ud488 \ubc0f \ube44\uc54c\ucf54\uc62c \uc74c\ub8cc(+2.8%), \ud2b9\ud788 \uc721\ub958\uc640 \uc77c\ubd80 \uacfc\uc77c\uc774 \uc0c1\uc2b9\uc744 \uc8fc\ub3c4
    \uc2dd\ud488 \uac00\uaca9 \uc0c1\uc2b9\uc740 \uae30\ucd08\uc2dd\ud488\ubc14\uad6c\ub2c8 \uac00\uaca9\uc744 4.1% \uc0c1\uc2b9\uc2dc\ucf30\uc73c\uba70, \uc774\ub294 \uc62c\ud574 3\uc6d4 \uc774\ud6c4 \ucd5c\ub300 \uc0c1\uc2b9\ud3ed\uc774\uc5c8\ub2e4.
    \uacb0\uacfc\uc801\uc73c\ub85c \ube48\uace4 \ubc0f \uadf9\ube48 \uc9c0\ud45c\uc5d0 \uc555\ubc15\uc774 \uac00\uc911\ub418\uc5c8\ub2e4.
    \ud55c\ud3b8, \ud575\uc2ec \uc778\ud50c\ub808\uc774\uc158(\uac00\uaca9 \uaddc\uc81c \ubc0f \uacc4\uc808 \uc694\uc778\uc744 \uc81c\uc678\ud55c \uc9c0\ud45c) \uc740 2.3% \uc0c1\uc2b9\ud588\ub2e4.
    \uc774\ub294 \ub300\ub7c9 \uc18c\ube44\uc7ac \uc911\uc2ec\uc758 \uac00\uaca9 \uc0c1\uc2b9 \uc9c0\uc18d\uc131\uc744 \ubc18\uc601\ud55c \uac83\uc774\ub2e4.
    \ub610\ud55c \uac00\uaca9 \uaddc\uc81c \ud488\ubaa9\uc740 \ud3c9\uade0 2.9% \uc0c1\uc2b9\ud588\ub2e4.
    \uc5f0\ub8cc\uc640 \uacf5\uacf5\uc694\uae08\uc758 \uc870\uc815\uc73c\ub85c, \uacc4\uc808 \uc694\uc778\uc740 \ubcf4\ub2e4 \uc644\ub9cc\ud55c \uc0c1\uc2b9\uc138\ub97c \ubcf4\uc5ec \ub2e8\uc9c0 0.4% \uc0c1\uc2b9\uc5d0 \uadf8\ucce4\ub2e4.<\/p>\n\n\n\n

      \n
    1. \uc7ac\ubb34\uccad \ub9cc\uae30 \ucc44\ubb34 \uc0c1\ud658 \uc704\ud574 \ub2ec\ub7ec \ucd95\uc801\uacfc \uc0c8\ub85c\uc6b4 \uc790\uae08 \uc870\ub2ec \uacbd\ub85c \uac80\ud1a0
      \uc7ac\ubb34\uccad\uc740 \uc774\ubc88 \ubaa9\uc694\uc77c \uacf5\uc2dd \uc2dc\uc7a5\uc5d0\uc11c \uc678\ud654\ub97c \ub2e4\uc2dc \ub9e4\uc785\ud558\uba70 2\uc5b52\ucc9c\ub9cc \ub2ec\ub7ec\ub97c \ud655\ubcf4\ud588\ub2e4. \uc774\ub294 1\uc6d4 9\uc77c\ub85c \uc608\uc815\ub41c \ub300\uaddc\ubaa8 \ucc44\uad8c \uc0c1\ud658\uc5d0 \ub300\ube44\ud574 \uc790\uae08\uc744 \ucd95\uc801\ud558\ub824\ub294 \uc804\ub7b5\uc758 \uc77c\ud658\uc774\ub2e4. \ud558\ub8e8 \uc804\uc5d0\ub294 5\ucc9c\ub9cc \ub2ec\ub7ec\ub97c \ucd94\uac00\ub85c \ud655\ubcf4\ud588\uc73c\uba70, \uc774\ub294 \uc544\ub974\ud5e8\ud2f0\ub098\uac00 8\ub144 \ub9cc\uc5d0 \ub2ec\ub7ec \ud45c\uc2dc \uad6d\uc81c \ucc44\uad8c\uc2dc\uc7a5\uc5d0\uc11c \ubcf5\uadc0\ud55c \ub0a0\uc774\uc5c8\ub2e4.
      \uacbd\uc81c\ubd80\uac00 \ubc1c\ud589\ud55c \uc774\ubc88 \ub2ec\ub7ec \ucc44\uad8c\uc758 \uaddc\ubaa8\ub294 10\uc5b5 \ub2ec\ub7ec\ub85c, \ub9cc\uae30 4\ub144, \uae08\ub9ac\ub294 9.25%\uc600\ub2e4. \ucd5c\uc885 \uc218\uc775\ub960\uc740 \uc2dc\uc7a5\uc758 \uc608\uc0c1\uce58\ubcf4\ub2e4\ub294 \uc57d\uac04 \ub192\uc558\uc9c0\ub9cc, \uc815\ubd80\uc758 \ubaa9\ud45c\uce58\ubcf4\ub2e4\ub294 \ub0ae\uac8c \ub9c8\uac10\ub418\uc5c8\ub2e4.
      \uc774\ubc88 \ub2ec\ub7ec \ub9e4\uc785\uc740 Bonar AL29\uc640 Global GD30 \ub4f1 \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\ucc44 \uac00\uaca9 \uc0c1\uc2b9 \uc18d\uc5d0\uc11c \uc774\ub8e8\uc5b4\uc84c\ub2e4. \ubaa9\uc694\uc77c \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc911\uc559\uc740\ud589\uc758 \ub2ec\ub7ec \ub9e4\ub3c4\uc138\uac00 \ub298\uc5c8\ub2e4\ub294 \ubcf4\uace0\uac00 \ub098\uc654\ub2e4.
      \uc774\ub85c \uc778\ud574 \uc911\uc559\uc740\ud589\uc758 \ucd1d\ubcf4\uc720 \uc678\ud658\uc900\ube44\uae08\uc740 1\uc5b55,600\ub9cc \ub2ec\ub7ec \uc99d\uac00\ud558\uc5ec 418\uc5b51,900\ub9cc \ub2ec\ub7ec\uc5d0 \ub3c4\ub2ec\ud588\ub2e4. \uc774\ub294 3\uc77c \uc5f0\uc18d \uac10\uc18c\uc138 \uc774\ud6c4\uc758 \uc0c1\uc2b9\uc774\uc5c8\ub2e4.
      \uacbd\uc81c\ud300\uc758 \ud575\uc2ec \uacfc\uc81c\ub294 \ub0b4\ub144 1\uc6d4 \ub9cc\uae30 \uc608\uc815\uc778 42\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ucc44\ubb34\ub97c \uac10\ub2f9\ud558\ub294 \uac83\uc774\ub2e4. \ud604\uc7ac\uae4c\uc9c0 \uc7ac\ubb34\ubd80\ub294 \ucd5c\uadfc\uc758 \ub9e4\uc785 \ubc0f \ucc44\uad8c \ubc1c\ud589\uc744 \ud1b5\ud574 \uc57d 15\uc5b5 \ub2ec\ub7ec\ub97c \ud655\ubcf4\ud588\uc73c\ub098, \uc911\uc559\uc740\ud589 \uacc4\uc88c\uc5d0\ub294 2\uc5b51\ucc9c\ub9cc \ub2ec\ub7ec \uc815\ub3c4\ub9cc \ub0a8\uc544 \uc788\ub2e4.
      \ub0a8\uc740 27\uc5b5 \ub2ec\ub7ec\ub97c \ub9c8\ub828\ud558\uae30 \uc704\ud574 \uc815\ubd80\ub294 \uc5ec\ub7ec \ubc29\uc548\uc744 \uac80\ud1a0 \uc911\uc778\ub370, \uadf8\uc911 \ud558\ub098\ub294 \uc62c\ud574 \ub9d0 \uc774\uc804\uc5d0 4\uac1c \uc218\ub825\ubc1c\uc804\uc18c \ubbfc\uc601\ud654\ub97c \ud1b5\ud574 7\uc5b5 \ub2ec\ub7ec\ub97c \ud655\ubcf4\ud558\ub294 \uac83\uc774\ub2e4. \ub610\ud55c IMF\uac00 \uc678\ud658\ubcf4\uc720\uc561 \ubaa9\ud45c \ubbf8\ub2ec\uc5d0 \ub300\ud574 \uc608\uc678\ub97c \uc778\uc815\ud558\uba74 10\uc5b5 \ub2ec\ub7ec\uac00 \ucd94\uac00\ub85c \ud480\ub9b4 \uac00\ub2a5\uc131\ub3c4 \uc788\ub2e4.
      \ub2e4\ub978 \ub300\uc548\uc73c\ub85c\ub294 50\uc5b5~70\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ub2f4\ubcf4\ub300\ucd9c(REPO, \ud658\ub9e4\uc870\uac74\ubd80\ucc44\uad8c)\uc744 \ucd94\uc9c4\ud558\ub294 \ubc29\uc548\uc774 \uc788\uc73c\uba70, \ub2e4\ub9cc \uc774 \uacbd\uc6b0 \uae08\uc735\ube44\uc6a9\uc774 \ub192\uc544\uc9c4\ub2e4. \ub610 \ub2e4\ub978 \uac80\ud1a0\uc548\uc73c\ub85c\ub294 \ubbf8\uad6d\uacfc\uc758 \uc0c8\ub85c\uc6b4 \ud1b5\ud654\uc2a4\uc651(swap) \ud2b8\ub79c\uce58\ub97c \uc5ec\ub294 \uac83\uc774\ub2e4. \ud558\uc9c0\ub9cc \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc774 \ubc29\uc548\uc744 \ub35c \uc720\ub9ac\ud558\uac8c \ubcf4\uace0 \uc788\ub2e4.
      \ud3ec\ube0c\uc2a4(Forbes)\uc5d0 \uc2e4\ub9b0 \uae30\uc0ac\uc5d0\uc11c\ub294 \uc774\ub807\uac8c \uc9c0\uc801\ud55c\ub2e4.
      \u201c\uc5f0\ub9d0 \uc2dc\uc810\uc5d0\uc11c \uc911\uc559\uc740\ud589\uc740 \ub2ec\ub7ec\ub85c \uc0c1\ud658\ud574\uc57c \ud560 \uc77c\uc815\uc5d0 \uac07\ud600 \uc788\uc73c\uba70, \ub2ec\ub7ec \ucd95\uc801 \ub2a5\ub825\uc740 \uac70\uc758 \uc18c\uc9c4\ub41c \uc0c1\ud0dc\ub2e4. \uc801\uc790 \uc0c1\ud0dc\uac00 \uc9c0\uc18d\ub418\uace0 \ub2e8\uae30\uc801\uc73c\ub85c \ud68c\ubcf5 \uc5ec\ub825\uc774 \uc5c6\ub294 \uac00\uc6b4\ub370, \uc544\ub974\ud5e8\ud2f0\ub098\ub294 2025\ub144 \ub9d0\ub85c \uac08\uc218\ub85d \uae34\uc7a5\uc774 \ucee4\uc9c0\ub294 \uc2dc\ub098\ub9ac\uc624\uc5d0 \uc9c1\uba74\ud558\uace0 \uc788\ub2e4. \uc678\ud658\ubcf4\uc720\uc561\uc758 \uc791\uc740 \ubcc0\ub3d9\uc870\ucc28 \uacbd\uc81c\uc815\ucc45\uc758 \ub0b4\uad6c\uc131\uc744 \uc2dc\ud5d8\ud558\ub294 \uc2a4\ud2b8\ub808\uc2a4 \ud14c\uc2a4\ud2b8\uac00 \ub418\uace0 \uc788\ub2e4.\u201d<\/li>\n\n\n\n
    2. \uc2dc\uc7a5 \ud558\ub77d
      S&P Merval \uc9c0\uc218(\ub2ec\ub7ec \uae30\uc900)\ub294 \ud558\ub77d\ud558\uc5ec \ub2e4\uc2dc 2,000\ud3ec\uc778\ud2b8 \ubc11\uc73c\ub85c \ub5a8\uc5b4\uc84c\ub2e4. \ub274\uc695 \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\uc5d0\uc11c\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 ADR(\uc8fc\uc2dd\uc608\ud0c1\uc99d\uc11c)\uc774 \ucd5c\ub300 3.3%\uae4c\uc9c0 \ud558\ub77d\ud588\ub2e4.
      \uad6d\ucc44 \ub610\ud55c \ud558\ub77d\uc138\ub97c \ud53c\ud558\uc9c0 \ubabb\ud588\ub2e4. \ucc98\uc74c\uc5d4 \uc544\ub974\ud5e8\ud2f0\ub098\uc758 \uad6d\uc81c\uc2dc\uc7a5 \ubcf5\uadc0\uc5d0 \ub300\ud55c \uae0d\uc815\uc801\uc778 \ubc18\uc751\uc774 \uc788\uc5c8\uc9c0\ub9cc, \uc0c8 \ub2ec\ub7ec \ucc44\uad8c\uc758 \ub192\uc740 \uae08\ub9ac\uc5d0 \ub300\ud55c \uc6b0\ub824\uac00 \ud37c\uc9c0\uba70 \ub099\ud3ed\uc774 \ucee4\uc84c\ub2e4.
      \uad6d\ub0b4 \uc2dc\uc7a5\uc5d0\uc11c\ub3c4 \uacf5\uacf5\ucc44\uad8c\uc774 \ud558\ub77d \ub9c8\uac10\ud588\ub2e4. Global 2046\uc740 1.4% \ud558\ub77d\ud558\uba70 \uac00\uc7a5 \ud070 \uc190\uc2e4\uc744 \ub0c8\uace0, Bonar 2035\ub294 1.2% \ub5a8\uc5b4\uc84c\ub2e4.
      \uc774\ub85c \uc778\ud574 \uad6d\uac00\uc704\ud5d8\ub3c4\ub294 \ub2e4\uc2dc \uc0c1\uc2b9\ud558\uc5ec \uc57d 634bp \uc218\uc900\uc73c\ub85c \uc62c\ub790\ub2e4.
      S&P Merval \uc9c0\uc218\ub294 \ud398\uc18c \uae30\uc900\uc73c\ub85c 1.1%, \ub2ec\ub7ec \uae30\uc900\uc73c\ub85c 1.8% \ud558\ub77d\ud588\ub2e4. \ub300\ubd80\ubd84\uc758 \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uc2dd\uc774 \ud558\ub77d\uc138\ub85c \ub9c8\uac10\ud588\uc73c\uba70, \uc77c\ubd80 \uc885\ubaa9\uc740 5.7%\uae4c\uc9c0 \ub5a8\uc5b4\uc84c\ub2e4.
      \ub274\uc695\uc5d0\uc11c\ub294 ADR\ub4e4\uc774 \ud63c\uc870\uc138\ub97c \ubcf4\uc600\ub294\ub370, \uc774\ub294 \uc544\ub974\ud5e8\ud2f0\ub098\uac00 8\ub144 \ub9cc\uc5d0 \uc678\ud654 \ud45c\uc2dc \ucc44\uad8c\uc744 \ubc1c\ud589\ud55c \ub4a4 \ud22c\uc790\uc790\ub4e4\uc758 \uacbd\uacc4\uc2ec\uc774 \ub192\uc544\uc84c\uae30 \ub54c\ubb38\uc774\ub2e4.<\/li>\n\n\n\n
    3. Bonar 2029N \ubc1c\ud589 \uc774\ud6c4 \uacf5\uc2dd\ud658\uc728\uc774 \ub2e4\uc2dc \ud558\ub77d
      \uc774\ubc88 \uc8fc \uacf5\uc2dd\ud658\uc728\uc740 \uc8fc\uac04 \ucd5c\uc800 \uc218\uc900\uc73c\ub85c \ub5a8\uc5b4\uc84c\ub294\ub370, \uc774\ub294 \uc815\ubd80\uac00 \ub2ec\ub7ec \ud45c\uc2dc \ubd80\ucc44\uc2dc\uc7a5\uc5d0 \ubcf5\uadc0\ud558\uae30 \uc704\ud574 \uc2e4\uc2dc\ud55c Bonar 2029N \ubc1c\ud589\uc758 \uc5ec\ud30c\uc600\ub2e4.
      \ub3c4\ub9e4\uc2dc\uc7a5 \ub2ec\ub7ec\ub294 1.5\ud398\uc18c \ud558\ub77d\ud55c 1,436\ud398\uc18c\uc5d0 \ub9c8\uac10\ub418\uba70 \uc774\ud2c0 \uc5f0\uc18d \ud558\ub77d\ud588\ub2e4. \uc911\uc559\uc740\ud589\uc758 \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\uc740 1,516.5\ud398\uc18c\ub85c \uc124\uc815\ub3fc \uc5ec\uc804\ud788 \ud604\ud589\uac00\ubcf4\ub2e4 \ub192\ub2e4.
      \uc120\ubb3c\uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc6d4\ubcc4\ub85c \ud63c\uc870\uc138\ub97c \ubcf4\uc600\uc73c\uba70, 12\uc6d4\uc744 \uc81c\uc678\ud558\uace0\ub294 \uc57d 0.3% \uc0c1\uc2b9\uc5d0 \uadf8\ucce4\ub2e4.
      \uc2dc\uc7a5 \uc608\uce21\uc5d0 \ub530\ub974\uba74 \uc5f0\ub9d0\uc5d0\ub294 \ub3c4\ub9e4\ud658\uc728\uc774 1,450\ud398\uc18c\uc5d0 \uadfc\uc811\ud560 \uc804\ub9dd\uc774\ub2e4.
      \uae08\uc735\uc2dc\uc7a5\uc5d0\uc11c MEP \ud658\uc728\uc740 0.4% \uc62c\ub77c 1,477.20\ud398\uc18c, CCL \ud658\uc728\uc740 0.8% \uc0c1\uc2b9\ud574 1,508.74\ud398\uc18c\uc5d0 \uc774\ub974\ub800\ub2e4. \uc774\uc5d0 \ub530\ub77c \ub450 \ud658\uc728 \uac04 \uaca9\ucc28\ub294 \ub2e4\uc2dc 5% \uc774\uc0c1\uc73c\ub85c \ubc8c\uc5b4\uc84c\ub2e4.
      \ud658\uc728 \uc2dc\uc7a5\uc740 10\uc6d4 \uc120\uac70 \uc774\ud6c4 \uc0c1\ub300\uc801\uc73c\ub85c \uc548\uc815\uc138\ub97c \ubcf4\uc774\uace0 \uc788\uc9c0\ub9cc, \uc815\ubd80\ub294 \ucd5c\uadfc \uba70\uce60\uac04 \uc678\ud654 \ub9e4\ub3c4\ub97c \ud1b5\ud574 \uc218\uc694\ub97c \uc5b5\uc81c\ud574\uc57c \ud588\ub2e4. \uacf5\uae09\uc774 \uc81c\ud55c\uc801\uc778 \uc0c1\ud669\uc774\uae30 \ub54c\ubb38\uc774\ub2e4.
      \ub3d9\uc2dc\uc5d0 \uc815\ubd80\ub294 \ub18d\uc5c5 \ubd80\ubb38 \uc218\ucd9c\uc138 \uc778\ud558\ub97c \ubc1c\ud45c\ud574, \uc544\uc9c1 20%\uac00 \ubbf8\uacb0 \uc0c1\ud0dc\uc778 \ub300\ub450 \uc218\ucd9c\uc744 \uac00\uc18d\ud654\ud558\ub824 \ud558\uace0 \uc788\ub2e4.
      \ud55c\ud3b8, 11\uc6d4 \uae30\uc5c5\uc5b4\uc74c(ON) \ubc1c\ud589\uc774 31\uc5b55\ucc9c\ub9cc \ub2ec\ub7ec\ub85c \uc0ac\uc0c1 \ucd5c\uace0\uce58\ub97c \uae30\ub85d\ud588\uc9c0\ub9cc, \uc2dc\uc7a5\uc5d0\uc11c\ub294 \ud574\ub2f9 \uc678\ud654\uc758 \uc2e4\uc81c \uc804\ud658\uc774 \uc9c0\uc5f0\ub420 \uc218 \uc788\ub2e4\uace0 \uacbd\uace0\ud558\uace0 \uc788\ub2e4. \uc774\ub294 \uc678\ud658\uc2dc\uc7a5\uc5d0 \ucd94\uac00 \uc555\ubc15\uc73c\ub85c \uc791\uc6a9\ud560 \uac00\ub2a5\uc131\uc774 \uc788\ub2e4.<\/li>\n\n\n\n
    4. \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8, \uae30\uc220\uc8fc \ud63c\uc870\uc138\uc640 \ubbf8\uad6d \uacbd\uc81c\uc758 \uc5c7\uac08\ub9b0 \uc2e0\ud638\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc0ac\uc0c1 \ucd5c\uace0\uce58 \uacbd\uc2e0
      \ubaa9\uc694\uc77c \ub274\uc695 \uc99d\uc2dc\ub294 \uc8fc\uc694 \uc9c0\uc218 \ub450 \uac1c\uac00 \uc0c1\uc2b9 \ub9c8\uac10\ud588\ub2e4. \ub2e4\uc6b0\uc874\uc2a4\ub294 1.3%, S&P500\uc740 0.2% \uc62c\ub77c \uac01\uac01 \uc0ac\uc0c1 \ucd5c\uace0\uce58\ub97c \uacbd\uc2e0\ud588\ub2e4.
      \ubc18\uba74 \ub098\uc2a4\ub2e5\uc740 \uc624\ub77c\ud074(Oracle) \ub4f1 \uae30\uc220\uc8fc\uc758 \ud558\ub77d\uc73c\ub85c 0.3% \ub5a8\uc5b4\uc84c\ub2e4.
      \uc218\uc694\uc77c \uc5f0\uc900(Fed)\uc740 \uae30\uc900\uae08\ub9ac\ub97c 25bp \uc778\ud558\ud588\ub294\ub370, \uc774\ub294 \uc774\ubc88 \uc0ac\uc774\ud074\uc758 \uc138 \ubc88\uc9f8 \uc778\ud558\ub85c, \uc2dc\uc7a5\uc758 \uc608\uc0c1 \ubc94\uc704 \uc548\uc774\uc5c8\ub2e4.
      \uadf8\ub7ec\ub098 \uc81c\ub86c \ud30c\uc6d4 \uc758\uc7a5\uc740 \uae30\uc790\ud68c\uacac\uc5d0\uc11c \u201c\ud5a5\ud6c4 \uae08\ub9ac \uc778\ud558\ub294 \ub370\uc774\ud130\uc758 \ucd94\uc774\uc5d0 \ub2ec\ub824 \uc788\uc73c\uba70, \uc18d\ub3c4\ub97c \ub192\uc77c \uacc4\ud68d\uc740 \uc5c6\ub2e4\u201d\uace0 \uc2e0\uc911\ud55c \ud0dc\ub3c4\ub97c \ubcf4\uc600\ub2e4.
      \ub610\ud55c \uc5f0\uc900\uc740 \ub2e8\uae30 \uad6d\ucc44\ub97c \uc6d4 400\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\ub85c \ub9e4\uc785\ud574 \uae08\uc735\uc2dc\uc7a5\uc758 \uc720\ub3d9\uc131\uc744 \ubcf4\uac15\ud558\uaca0\ub2e4\uace0 \ubc1c\ud45c\ud588\ub2e4.
      \uac70\uc2dc\uacbd\uc81c \uce21\uba74\uc5d0\uc11c \ubcf4\uba74, \uc2e0\uaddc \uc2e4\uc5c5\uc218\ub2f9 \uccad\uad6c \uac74\uc218\uac00 3\ub144 \ub9cc\uc758 \ucd5c\uc800\uce58\uc5d0\uc11c \ub2e4\uc2dc \uc0c1\uc2b9\uc138\ub97c \ubcf4\uc774\uba70 \uc608\uc0c1\ubcf4\ub2e4 \ud070 \ud3ed\uc73c\ub85c \ub298\uc5c8\ub2e4.
      \ud55c\ud3b8 9\uc6d4 \ubb34\uc5ed\uc801\uc790\ub294 10.9% \uac10\uc18c\ud558\uc5ec 528\uc5b5 \ub2ec\ub7ec\ub85c \ucd95\uc18c\ub418\uc5c8\uc73c\uba70, \uc774\ub294 2020\ub144 \uc774\ud6c4 \uac00\uc7a5 \ub0ae\uc740 \uc218\uc900\uc774\ub2e4.
      \uc774 \uac1c\uc120\uc740 \uc218\ucd9c \uc99d\uac00\uc640 \uc218\uc785\uc758 \uc18c\ud3ed \uc99d\uac00 \ub355\ubd84\uc73c\ub85c, \ubb34\uc5ed\uc774 3\ubd84\uae30 \uc131\uc7a5\uc5d0 \uae0d\uc815\uc801\uc778 \uae30\uc5ec\ub97c \ud588\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4.<\/li>\n<\/ol>\n\n\n\n

      <\/p>\n","protected":false},"excerpt":{"rendered":"

      \uc624\ub298\uc758 \uacbd\uc81c 2. \uc778\ud50c\ub808\uc774\uc158\uc740 11\uc6d4\uc5d0 \ub2e4\uc2dc \uac00\uc18d\ud558\uba70, \ucd5c\uadfc 7\uac1c\uc6d4 \uc911 \ucd5c\uace0\uce58\ub97c \uae30\ub85d\ud588\ub2e4.11\uc6d4 \uc778\ud50c\ub808\uc774\uc158\uc740 2.5%\ub97c \uae30\ub85d\ud558\uba70, 4\uc6d4 \uc774\ud6c4 \uac00\uc7a5 \ub192\uc740 \uc218\uce58\ub97c \ubcf4\uc600\ub2e4.\uc774\ub294 INDEC(\uad6d\uac00\ud1b5\uacc4\uccad) \uc774 \ubaa9\uc694\uc77c\uc5d0 \ubc1c\ud45c\ud55c \ubcf4\uace0\uc11c\uc5d0 \ub530\ub978 \uac83\uc774\ub2e4.\uc774\ubc88 \uc778\ud50c\ub808\uc774\uc158 \uc0c1\uc2b9\uc740 \uc2dd\ud488 \uac00\uaca9\uc758 \uae09\ub4f1(\ud2b9\ud788 \uc721\ub958) \uc5d0 \ud06c\uac8c \uc601\ud5a5\uc744 \ubc1b\uc558\ub2e4.\uc774 \uacb0\uacfc, \uc62c\ud574 \ub204\uc801 \uc778\ud50c\ub808\uc774\uc158\uc740 27.9%,\uc804\ub144 \ub3d9\uae30 \ub300\ube44 \uc0c1\uc2b9\ub960\uc740 31.4%\uc5d0 \uc774\ub974\ub800\ub2e4.\uc0c1\uc2b9\ud3ed\uc5d0 \ud06c\uac8c \uae30\uc5ec\ud55c \ud56d\ubaa9\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:\uc8fc\uac70, \uc218\ub3c4, \uc804\uae30, \uac00\uc2a4 \ubc0f \uae30\ud0c0 \uc5f0\ub8cc(+3.4%), \uc694\uae08 \uc870\uc815\uc5d0 \ub530\ub978 \uc0c1\uc2b9\uad50\ud1b5(+3%), \ud2b9\ud788 \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc9c0\uc5ed \ubc84\uc2a4 \ubc0f \uc9c0\ud558\ucca0 \uc694\uae08 \uc778\uc0c1\uc2dd\ud488 \ubc0f \ube44\uc54c\ucf54\uc62c \uc74c\ub8cc(+2.8%), \ud2b9\ud788 \uc721\ub958\uc640 \uc77c\ubd80 \uacfc\uc77c\uc774 \uc0c1\uc2b9\uc744 \uc8fc\ub3c4\uc2dd\ud488 \uac00\uaca9 \uc0c1\uc2b9\uc740 \uae30\ucd08\uc2dd\ud488\ubc14\uad6c\ub2c8 \uac00\uaca9\uc744 4.1% \uc0c1\uc2b9\uc2dc\ucf30\uc73c\uba70, \uc774\ub294 \uc62c\ud574 3\uc6d4 \uc774\ud6c4 \ucd5c\ub300 \uc0c1\uc2b9\ud3ed\uc774\uc5c8\ub2e4.\uacb0\uacfc\uc801\uc73c\ub85c \ube48\uace4 \ubc0f \uadf9\ube48 \uc9c0\ud45c\uc5d0 \uc555\ubc15\uc774 \uac00\uc911\ub418\uc5c8\ub2e4.\ud55c\ud3b8, \ud575\uc2ec \uc778\ud50c\ub808\uc774\uc158(\uac00\uaca9 \uaddc\uc81c \ubc0f \uacc4\uc808 \uc694\uc778\uc744 \uc81c\uc678\ud55c \uc9c0\ud45c) \uc740 2.3% \uc0c1\uc2b9\ud588\ub2e4.\uc774\ub294 \ub300\ub7c9 \uc18c\ube44\uc7ac \uc911\uc2ec\uc758 \uac00\uaca9 \uc0c1\uc2b9 \uc9c0\uc18d\uc131\uc744 \ubc18\uc601\ud55c \uac83\uc774\ub2e4.\ub610\ud55c \uac00\uaca9 \uaddc\uc81c \ud488\ubaa9\uc740 \ud3c9\uade0 2.9% \uc0c1\uc2b9\ud588\ub2e4.\uc5f0\ub8cc\uc640 \uacf5\uacf5\uc694\uae08\uc758 \uc870\uc815\uc73c\ub85c, \uacc4\uc808 \uc694\uc778\uc740 \ubcf4\ub2e4 \uc644\ub9cc\ud55c \uc0c1\uc2b9\uc138\ub97c \ubcf4\uc5ec \ub2e8\uc9c0 0.4% \uc0c1\uc2b9\uc5d0 \uadf8\ucce4\ub2e4.<\/p>\n","protected":false},"author":6,"featured_media":10762,"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-10760","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\/10760","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=10760"}],"version-history":[{"count":2,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/10760\/revisions"}],"predecessor-version":[{"id":10767,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/10760\/revisions\/10767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/10762"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}