{"id":11471,"date":"2026-02-12T18:26:23","date_gmt":"2026-02-12T21:26:23","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11471"},"modified":"2026-02-13T11:14:28","modified_gmt":"2026-02-13T14:14:28","slug":"%ec%a0%95%ec%b9%98%e3%86%8d%ea%b2%bd%ec%a0%9c-%ec%86%8c%ec%8b%9d-%ec%98%a4%eb%8a%98%ec%9d%98-%ec%a3%bc%ec%9a%94-%ec%86%8c%ec%8b%9d","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11471","title":{"rendered":"[\uc815\uce58\u318d\uacbd\uc81c \uc18c\uc2dd] \uc624\ub298\uc758 \uc8fc\uc694 \uc18c\uc2dd"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc815\ubd80\ub294 \uc758\ud68c\uc5d0\uc11c \uccab \ubc88\uc9f8 \uc785\ubc95\uc801 \uc2b9\ub9ac\ub97c \uae30\ub85d\ud588\uace0 \ub178\ub3d9\uac1c\ud601 \ubc95\uc548\uc774 \ubc18(\u534a) \uc2b9\uc778(\uc0c1\uc6d0 \ud1b5\uacfc)\uc744 \uc5bb\uc5c8\ub2e4. \uc5ec\uae30\uc5d0 \ub354\ud574 \uc911\uc559\uc740\ud589(BCRA)\uc774 \uc5b4\uc81c \uc9c0\ub09c\ud574 3\uc6d4 \uc774\ud6c4 \ucd5c\ub300 \uaddc\ubaa8\uc758 \uc678\ud658\ubcf4\uc720\uc561 \ub9e4\uc785\uc744 \uc2e4\uc2dc\ud588\ub294\ub370, \uc774 \ub450 \uac00\uc9c0 \uc18c\uc2dd\uc740 \uc7a5 \ucd08\ubc18 \uc544\ub974\ud5e8\ud2f0\ub098 \uc2dc\uc7a5\uc5d0 \uae0d\uc815\uc801\uc778 \uc601\ud5a5\uc744 \uc8fc\uc5c8\ub2e4.<\/p>\n\n\n\n

\uadf8\ub7ec\ub098 \uc6d4\uac00\uc5d0\uc11c \uc18c\ud504\ud2b8\uc6e8\uc5b4\uc640 \uc778\uacf5\uc9c0\ub2a5 \uad00\ub828 \uc8fc\uc2dd\uc774 \ub300\uaddc\ubaa8\ub85c \ub9e4\ub3c4\ub418\uba74\uc11c \ud22c\uc790\uc790\ub4e4\uc758 \ubd84\uc704\uae30\uac00 \uc815\uc624 \uc774\ud6c4 \ubc14\ub00c\uc5c8\uace0, \uc774\uc5d0 \ub530\ub77c \uc544\ub974\ud5e8\ud2f0\ub098 \ud604\uc9c0 \uc8fc\uc2dd\uc740 \ucd5c\ub300 18%\uae4c\uc9c0 \ud558\ub77d\ud588\uc73c\uba70 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub3c4 \ubc18\ub4f1\ud588\ub2e4. \uadf8\ub7fc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc678\ud658\uc2dc\uc7a5\uc740 6\uac70\ub798\uc77c \uc5f0\uc18d \ud558\ub77d\uc138\ub97c \uc774\uc5b4\uac00\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

\uc624\ud6c4 3\uc2dc\uacbd, \ubc29\ucf54 \ub098\uc2dc\uc628(Banco Naci\u00f3n) \uc804\uad11\ud310 \uae30\uc900 \uc18c\ub9e4 \uacf5\uc2dd\ub2ec\ub7ec\ub294 1415\ud398\uc18c\ub85c \ud45c\uc2dc\ub418\uc5c8\uc73c\uba70, \uc774\ub294 \uc804\uc77c \ub300\ube44 5\ud398\uc18c \ud558\ub77d(-0.4%)\ud55c \uac83\uc774\ub2e4. \uc774\ub294 \uba85\ubaa9 \uae30\uc900\uc73c\ub85c \uc9c0\ub09c\ud574 11\uc6d4 \uc911\uc21c \uc774\ud6c4 \ubcf4\uc9c0 \ubabb\ud55c \uc218\uc900\uc774\ub2e4. \uc740\ud589\ub9c8\ub2e4 \uac00\uaca9\uc774 \ub2e4\ub97c \uc218 \uc788\uae30 \ub54c\ubb38\uc5d0 BCRA\uc758 \uc77c\uc77c \uc870\uc0ac\uc5d0 \ub530\ub974\uba74 \uc2dc\uc7a5 \ud3c9\uade0 \ud658\uc728\uc740 1418.59\ud398\uc18c\uc774\ub2e4.<\/p>\n\n\n\n

\uad6d\uac00\uac00 \uc57d 23\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ud22c\uc790 \uc720\uc785\uc744 \uc704\ud574 \ud544\uc694\ub85c \ud558\ub294 \uc870\uac74
\uc774\uc640 \uac19\uc740 \ud750\ub984\uc740 \uacf5\uc2dd \ub3c4\ub9e4\ud658\uc728\uc5d0\uc11c\ub3c4 \ubc18\ubcf5\ub418\uace0 \uc788\uc73c\uba70, \ub3c4\ub9e4\ud658\uc728\uc740 1392\ud398\uc18c\ub85c \ud558\ub8e8 \ub3d9\uc548 12.43\ud398\uc18c \ud558\ub77d(-0.88%)\ud588\ub2e4. \ubcc0\ub3d9\ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\uc778 1583.39\ud398\uc18c\uc640\uc758 \uaca9\ucc28\ub294 191.39\ud398\uc18c, \uc989 13.7%\ub85c, \uc774\ub294 \uc9c0\ub09c\ud574 7\uc6d4 \uc774\ud6c4 \uac00\uc7a5 \ud070 \uaca9\ucc28\ub2e4.
\ub77c\ud30c\uc5d8\ub77c \uce90\ud53c\ud0c8\uc758 \ud398\ub974\ub09c\ub3c4 \uce74\ubb34\uc18c\ub294 \ub2e4\uc74c\uacfc \uac19\uc774 \uc124\uba85\ud588\ub2e4.
\uae30\uc5c5\ub4e4\uc774 \ub2ec\ub7ec\ub97c \ub9e4\ub3c4\ud558\uace0 \uc788\uace0, \uace7 \ub05d\ub098\ub294 \uc218\ud655\uc758 \uc678\ud654 \uc720\uc785\uc774 \uc788\uc73c\uba70, 2\ucc28 \ub300\ub450 \uc218\ud655\ub3c4 \uae30\ub85d\uc801\uc778 \uc218\uc900\uc740 \uc544\ub2c8\uc9c0\ub9cc \uc57d 90\uc77c \ub0b4\uc5d0 \uacf5\uae09\uc744 \uc2dc\uc791\ud560 \uac83\uc774\ub2e4. \ub610\ud55c BCRA\ub294 2026\ub144 \ub4e4\uc5b4 \ud604\uc7ac\uae4c\uc9c0 19\uc5b5 \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud588\ub2e4. \ubd84\uba85\ud788 \uc9c0\uae08\uc740 \uce90\ub9ac \ud2b8\ub808\uc774\ub4dc\uc758 \ucc3d\uad6c\uac00 \uc5f4\ub824 \uc788\ub294 \uc0c1\ud669\uc73c\ub85c, \ud658\uc728\uc774 \uc548\uc815\ub41c \uc0c1\ud0dc\uc5d0\uc11c \ud398\uc18c \uae08\ub9ac\ub97c \ud65c\uc6a9\ud558\uace0 \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8 \ub300\ube44 \uc57d 12% \ub0ae\uc740 \uc218\uc900\uc774\ub77c\ub294 \uc810\uc774 \uc791\uc6a9\ud558\uace0 \uc788\ub2e4.
\uacf5\uc2dd \ud658\uc728\uc740 11\uc6d4 \uc774\ud6c4 \ucd5c\uc800 \uc218\uc900\uc5d0 \ub3c4\ub2ec\ud588\ub2e4.
\uc774\ub7ec\ud55c \ubc30\uacbd \uc694\uc778\ub4e4\ub85c \uae08\uc735\ud658\uc728\ub3c4 \ud558\ub77d\ud558\ub294 \uacbd\ud5a5\uc744 \ubcf4\uc774\uace0 \uc788\ub2e4. MEP \ud658\uc728\uc740 \uc790\ubcf8\uc2dc\uc7a5 \ud654\uba74\uc5d0\uc11c 1422.52\ud398\uc18c\ub85c \uc804\uc77c \ub300\ube44 9.16\ud398\uc18c \ud558\ub77d(-0.6%)\ud588\uace0, CCL \ud658\uc728\uc740 1471.37\ud398\uc18c\ub85c \ud558\ub8e8 4.46\ud398\uc18c \ud558\ub77d(-0.3%)\ud588\ub2e4.
\ube44\uacf5\uc2dd \uc2dc\uc7a5\uc5d0\uc11c\ub294 \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc2dc\ub0b4 \ud658\uc804\uc0c1 \uae30\uc900 \ube14\ub8e8\ub2ec\ub7ec\uac00 1440\ud398\uc18c\uc5d0 \uac70\ub798\ub418\uace0 \uc788\uc73c\uba70, \uc774\ub294 \uc804\uc77c \ub300\ube44 5\ud398\uc18c \uc0c1\uc2b9(+0.3%)\ud55c \uac83\uc73c\ub85c \uc720\uc77c\ud558\uac8c \uc0c1\uc2b9\ud55c \ud658\uc728\uc774\ub2e4.
\uc815\ubd80\ub294 \ub9cc\uae30\uac00 \ub3c4\ub798\ud55c \ud398\uc18c\ud654 \ubd80\ucc44\ub97c \uc804\uc561 \ucc28\ud658\ud588\uc73c\uba70, 1\uc870 7\ucc9c\uc5b5 \ud398\uc18c\ub97c \ucd94\uac00\ub85c \ud655\ubcf4\ud588\ub2e4.
\ucf54\ucf54\uc2a4 \uace8\ub4dc\uc758 \uc7ac\ubb34 \uc790\ubb38 \uc774\uc548 \ucf5c\ub86c\ubcf4\ub294 \ub2ec\ub7ec\uac00 \ud558\ub77d\ud558\ub294 \uc774\uc720\ub97c \ub450 \uac00\uc9c0\ub85c \uc124\uba85\ud588\ub2e4.
\uccab\uc9f8, \uae30\uc5c5\uacfc \uc9c0\ubc29\uc815\ubd80\uac00 \ud574\uc678\uc5d0\uc11c \uc870\ub2ec\ud55c \uc790\uae08\uc744 \uad6d\ub0b4\ub85c \ub4e4\uc5ec\uc624\uace0 \uc788\uae30 \ub54c\ubb38\uc774\ub2e4. \uc9c0\ub09c\ud574 10\uc6d4 \uc120\uac70 \uc774\ud6c4 \ub9ce\uc740 \uacf3\uc774 \ud574\uc678\uc5d0\uc11c \uc790\uae08\uc744 \uc870\ub2ec\ud588\uace0, \uc815\ubd80\ub294 \uadf8 \ub2ec\ub7ec\uc758 90%\ub97c \ucd5c\ucd08 6\uac1c\uc6d4 \ub3d9\uc548 \ub9e4\ub3c4\ud558\ub3c4\ub85d \uc758\ubb34\ud654\ud558\uace0 \uc788\ub2e4. \uc774\uac83\uc774 \uac15\ud55c \uc678\ud654 \uc720\uc785\uc744 \ub9cc\ub4e0\ub2e4.
\ub458\uc9f8, \ud604\uc7ac \ub2ec\ub7ec \ud45c\uc2dc \uae08\uc735\uc0c1\ud488\uc758 \uc218\uc775\ub960\uc774 \uc608\uc804\ub9cc\ud07c \ub9e4\ub825\uc801\uc774\uc9c0 \uc54a\uc544 \ub9ce\uc740 \ud22c\uc790\uc790\ub4e4\uc774 \ub2ec\ub7ec\ub97c \ud314\uace0 \ud398\uc18c\ub85c \uc774\ub3d9\ud574 \ub354 \ub192\uc740 \uc218\uc775\uc744 \ucc3e\uace0 \uc788\ub2e4.
\ud55c\ud3b8 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 \uc7a5 \ucd08\ubc18\uc5d0\ub294 \ud558\ub77d\ud558\uba70 500bp \uc544\ub798\ub85c \ub0b4\ub824\uac14\uc9c0\ub9cc, \uad6d\uc81c \ud658\uacbd\uc774 \uc545\ud654\ub418\uba74\uc11c \ub2e4\uc2dc \uc0c1\uc2b9\ud574 \ud604\uc7ac 508bp \uc218\uc900\uc73c\ub85c \uc804\uc77c \ub300\ube44 \uc57d 2bp \uc0c1\uc2b9(+0.4%)\ud588\ub2e4. \uc774\ub294 \uad6d\ucc44 \uac00\uaca9 \ud558\ub77d\uc758 \uacb0\uacfc\ub85c, \ubcf4\ub098\ub974 \ucc44\uad8c(AF38D)\uc740 0.48%, \uae00\ub85c\ubc8c \ucc44\uad8c(GD38D)\uc740 0.54% \ud558\ub77d\ud588\ub2e4.<\/p>\n\n\n\n

\ub3d9\ub9f9\uc758 \uc9c0\uc6d0\uc73c\ub85c \uc815\ubd80\ub294 \ub178\ub3d9\uac1c\ud601 \ubc95\uc548\uc758 \uc2b9\uc778\uc744 \ud655\ubcf4\ud588\ub2e4.
\ud55c \ubd84\uc11d\uac00\ub294 \ub2e4\uc74c\uacfc \uac19\uc774 \ub9d0\ud588\ub2e4.
\uad6d\ucc44\ub294 \uc774\ubbf8 \ud22c\uc790\uc218\uc775\ub960(TIR)\uc774 \uc0c1\ub2f9 \ubd80\ubd84 \uc870\uc815\ub418\uc5c8\uace0, \ucd94\uac00\uc801\uc778 \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4 \ucd95\uc18c\ub294 \uc544\uc9c1 \uba85\ud655\ud558\uc9c0 \uc54a\uc740 \uc911\uc694\ud55c \ucd09\ub9e4\uac00 \ud544\uc694\ud558\ub2e4. \ub178\ub3d9\uac1c\ud601\uc774 \uadf8 \ucd09\ub9e4\uac00 \ub420 \uac83\uc774\ub77c\uace0 \ubcf4\uc9c0\ub294 \uc54a\uc9c0\ub9cc \ub3c4\uc6c0\uc774 \ub418\uae30\ub294 \ud55c\ub2e4. \uc8fc\uc2dd\ub3c4 \ub9c8\ucc2c\uac00\uc9c0\uc774\uba70, \uc2dc\uc7a5 \uc7ac\ubd84\ub958 \uac00\ub2a5\uc131\uc740 \uc544\uc9c1 \uba40\ub2e4. \ub2f9\ubd84\uac04 \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4 \ucd95\uc18c\uc758 \uc720\uc77c\ud55c \uc694\uc778\uc740 \uc911\uc559\uc740\ud589\uc758 \ub2ec\ub7ec \ub9e4\uc785\uc774 \ub420 \uac83\uc774\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc774 \ub2e4\uc2dc \uac00\uc18d\ub420 \uacbd\uc6b0 \ucd08\uae30 \ub2e8\uacc4\uc758 \uc7ac\ud1b5\ud654\ud654 \uc18d\ub3c4\ub97c \ub2a6\ucd94\ub294 \uc694\uc778\uc774 \ub420 \uc218 \uc788\ub294\uc9c0\uac00 \uad00\uac74\uc774\ub2e4.<\/p>\n\n\n\n

\ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc99d\uc2dc\ub294 \uc7a5 \ucd08\ubc18 \uc77c\ubd80 \uc0c1\uc2b9\uc774 \uc788\uc5c8\uc74c\uc5d0\ub3c4 \uacc4\uc18d \ud558\ub77d\uc138\ub97c \uc774\uc5b4\uac14\ub2e4. S&P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 4.8% \ud558\ub77d\ud574 2,871,641\ud3ec\uc778\ud2b8\ub97c \uae30\ub85d\ud588\uc73c\uba70, CCL \uae30\uc900\uc73c\ub85c \ud658\uc0b0\ud558\uba74 \uc57d 1951\ub2ec\ub7ec \uc218\uc900(-4.6%)\uc774\ub2e4. \uc8fc\uc694 \ub099\ud3ed \uc885\ubaa9\uc740 BBVA -7.1%, \uac08\ub9ac\uc2dc\uc544 \uae08\uc735\uadf8\ub8f9 -6.8%, \uc218\ud398\ub974\ube44\uc5d0\uc608 \uc740\ud589 -6.4%\uc600\ub2e4.<\/p>\n\n\n\n

\uc13c\ucf54\uc218\ub4dc\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uc2e0\uc784 \ucd1d\uad04\ub9e4\ub2c8\uc800\ub85c \ub3cc\ub85c\ub808\uc2a4 \ud398\ub974\ub09c\ub370\uc2a4 \ub85c\ubca0\ub97c \uc784\uba85\ud588\ub2e4.
\ubbf8\uad6d \uc8fc\uc694 \uc9c0\uc218\uac00 \ud558\ub77d\ud55c \ud750\ub984\uacfc \ub9de\ubb3c\ub824 \uc6d4\uac00\uc5d0 \uc0c1\uc7a5\ub41c \uc544\ub974\ud5e8\ud2f0\ub098 ADR\ub3c4 \ub2e4\uc2dc \ud558\ub77d\ud588\ub2e4. \uae30\uc220\uae30\uc5c5 \uae00\ub85c\ubc18\ud2b8\ub294 18.7% \uae09\ub77d\ud588\uace0, \ud154\ub808\ucf64 \uc544\ub974\ud5e8\ud2f0\ub098\ub294 10%, \uc218\ud398\ub974\ube44\uc5d0\uc608 \uc740\ud589\uc740 7.7% \ud558\ub77d\ud588\ub2e4.
FMYA\uc758 \uacbd\uc81c\ud559\uc790 \ud398\ub974\ub09c\ub3c4 \ub9c8\ub8f0\uc740 \ub2e4\uc74c\uacfc \uac19\uc774 \ub9d0\ud588\ub2e4.
\uae00\ub85c\ubc8c \ud658\uacbd\uc740 \ub098\uc058\uc9c0 \uc54a\uace0 \uc911\uc559\uc740\ud589\uc740 \uc678\ud658\uc744 \ub9e4\uc785\ud558\uace0 \uc788\uc73c\uba70 \ub2ec\ub7ec\ub294 \uc548\uc815\uc801\uc774\uace0 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub3c4 \ub2e4\uc2dc \ub0b4\ub824\uc654\ub2e4. \uc870\ub9cc\uac04 \uc8fc\uc2dd\uc774 \uc5b4\ub290 \uc815\ub3c4 \ubc18\ub4f1\ud560 \uac83\uc73c\ub85c \ubcf8\ub2e4. \uacfc\uac70\ucc98\ub7fc \uae09\ub4f1\ud558\uc9c0\ub294 \uc54a\uaca0\uc9c0\ub9cc \uba87 \ub144 \uc804\ubcf4\ub2e4 \uae30\uc5c5 \uac00\uce58\uac00 \uc774\ubbf8 \ub450\uc138 \ubc30 \uc218\uc900\uc774\uae30 \ub54c\ubb38\uc774\ub2e4. \uacbd\uc81c \ud65c\ub3d9\uc774 \ub2e4\uc18c \ub454\ud654\ub41c \uc810\uc740 \uc601\ud5a5\uc744 \uc8fc\uc9c0\ub9cc, \uc6b0\ud638\uc801\uc778 \ud658\uacbd\uc774 \uacb0\uad6d \uc8fc\uac00\uc5d0 \ubc18\uc601\ub420 \uac83\uc73c\ub85c \ubcf8\ub2e4.<\/p>\n\n\n\n

\uae30\uc0ac \uc694\uc57d \ubd80\ubd84
\ub2ec\ub7ec\ub294 \ub2e4\uc2dc \ud558\ub77d\ud574 3\uac1c\uc6d4 \ub9cc\uc5d0 \ucd5c\uc800\uce58\ub97c \uae30\ub85d\ud588\uace0, \ub3d9\uc2dc\uc5d0 \uc6d4\uac00\uc5d0\uc11c\ub294 \uc77c\ubd80 \uc8fc\uc2dd\uc774 \ucd5c\ub300 18% \ud558\ub77d\ud588\ub2e4. \ubc29\ucf54 \ub098\uc2dc\uc628 \uae30\uc900 \uacf5\uc2dd\ud658\uc728\uc740 \uc57d 1415\ud398\uc18c\ub85c 3\uac1c\uc6d4 \ucd5c\uc800\uce58\ub97c \uae30\ub85d\ud588\uc73c\uba70, \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc99d\uc2dc\ub294 \ucd5c\ub300 7% \ud558\ub77d\ud588\uace0, \uae00\ub85c\ubc18\ud2b8\ub294 \uc6d4\uac00\uc5d0\uc11c 18% \ud558\ub77d\ud588\ub2e4.
2026\ub144 2\uc6d4 12\uc77c<\/p>\n","protected":false},"excerpt":{"rendered":"

\uc815\ubd80\ub294 \uc758\ud68c\uc5d0\uc11c \uccab \ubc88\uc9f8 \uc785\ubc95\uc801 \uc2b9\ub9ac\ub97c \uae30\ub85d\ud588\uace0 \ub178\ub3d9\uac1c\ud601 \ubc95\uc548\uc774 \ubc18(\u534a) \uc2b9\uc778(\uc0c1\uc6d0 \ud1b5\uacfc)\uc744 \uc5bb\uc5c8\ub2e4. \uc5ec\uae30\uc5d0 \ub354\ud574 \uc911\uc559\uc740\ud589(BCRA)\uc774 \uc5b4\uc81c \uc9c0\ub09c\ud574 3\uc6d4 \uc774\ud6c4 \ucd5c\ub300 \uaddc\ubaa8\uc758 \uc678\ud658\ubcf4\uc720\uc561 \ub9e4\uc785\uc744 \uc2e4\uc2dc\ud588\ub294\ub370, \uc774 \ub450 \uac00\uc9c0 \uc18c\uc2dd\uc740 \uc7a5 \ucd08\ubc18 \uc544\ub974\ud5e8\ud2f0\ub098 \uc2dc\uc7a5\uc5d0 \uae0d\uc815\uc801\uc778 \uc601\ud5a5\uc744 \uc8fc\uc5c8\ub2e4. \uadf8\ub7ec\ub098 \uc6d4\uac00\uc5d0\uc11c \uc18c\ud504\ud2b8\uc6e8\uc5b4\uc640 \uc778\uacf5\uc9c0\ub2a5 \uad00\ub828 \uc8fc\uc2dd\uc774 \ub300\uaddc\ubaa8\ub85c \ub9e4\ub3c4\ub418\uba74\uc11c \ud22c\uc790\uc790\ub4e4\uc758 \ubd84\uc704\uae30\uac00 \uc815\uc624 \uc774\ud6c4 \ubc14\ub00c\uc5c8\uace0, \uc774\uc5d0 \ub530\ub77c \uc544\ub974\ud5e8\ud2f0\ub098 \ud604\uc9c0 \uc8fc\uc2dd\uc740 \ucd5c\ub300 18%\uae4c\uc9c0 \ud558\ub77d\ud588\uc73c\uba70 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub3c4 \ubc18\ub4f1\ud588\ub2e4. \uadf8\ub7fc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc678\ud658\uc2dc\uc7a5\uc740 6\uac70\ub798\uc77c \uc5f0\uc18d \ud558\ub77d\uc138\ub97c \uc774\uc5b4\uac00\uace0 \uc788\ub2e4. \uc624\ud6c4 3\uc2dc\uacbd, \ubc29\ucf54 \ub098\uc2dc\uc628(Banco Naci\u00f3n) \uc804\uad11\ud310 \uae30\uc900 \uc18c\ub9e4 \uacf5\uc2dd\ub2ec\ub7ec\ub294 1415\ud398\uc18c\ub85c \ud45c\uc2dc\ub418\uc5c8\uc73c\uba70, \uc774\ub294 \uc804\uc77c \ub300\ube44 5\ud398\uc18c \ud558\ub77d(-0.4%)\ud55c \uac83\uc774\ub2e4. \uc774\ub294 \uba85\ubaa9 \uae30\uc900\uc73c\ub85c \uc9c0\ub09c\ud574 11\uc6d4 \uc911\uc21c \uc774\ud6c4 \ubcf4\uc9c0 \ubabb\ud55c \uc218\uc900\uc774\ub2e4. \uc740\ud589\ub9c8\ub2e4 \uac00\uaca9\uc774 \ub2e4\ub97c \uc218 \uc788\uae30 \ub54c\ubb38\uc5d0 BCRA\uc758 \uc77c\uc77c \uc870\uc0ac\uc5d0 \ub530\ub974\uba74 \uc2dc\uc7a5 \ud3c9\uade0 \ud658\uc728\uc740 1418.59\ud398\uc18c\uc774\ub2e4. \uad6d\uac00\uac00 \uc57d 23\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ud22c\uc790 \uc720\uc785\uc744 \uc704\ud574 \ud544\uc694\ub85c \ud558\ub294 \uc870\uac74\uc774\uc640 \uac19\uc740 \ud750\ub984\uc740 \uacf5\uc2dd \ub3c4\ub9e4\ud658\uc728\uc5d0\uc11c\ub3c4 \ubc18\ubcf5\ub418\uace0 \uc788\uc73c\uba70, \ub3c4\ub9e4\ud658\uc728\uc740 1392\ud398\uc18c\ub85c \ud558\ub8e8 \ub3d9\uc548 12.43\ud398\uc18c \ud558\ub77d(-0.88%)\ud588\ub2e4. \ubcc0\ub3d9\ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\uc778 1583.39\ud398\uc18c\uc640\uc758 \uaca9\ucc28\ub294 191.39\ud398\uc18c, \uc989 13.7%\ub85c, \uc774\ub294 \uc9c0\ub09c\ud574 7\uc6d4 \uc774\ud6c4 \uac00\uc7a5 \ud070 \uaca9\ucc28\ub2e4.\ub77c\ud30c\uc5d8\ub77c \uce90\ud53c\ud0c8\uc758 \ud398\ub974\ub09c\ub3c4 \uce74\ubb34\uc18c\ub294 \ub2e4\uc74c\uacfc \uac19\uc774 \uc124\uba85\ud588\ub2e4.\uae30\uc5c5\ub4e4\uc774 \ub2ec\ub7ec\ub97c \ub9e4\ub3c4\ud558\uace0 \uc788\uace0, \uace7 \ub05d\ub098\ub294 \uc218\ud655\uc758 \uc678\ud654 \uc720\uc785\uc774 \uc788\uc73c\uba70, 2\ucc28 \ub300\ub450 \uc218\ud655\ub3c4 \uae30\ub85d\uc801\uc778 \uc218\uc900\uc740 \uc544\ub2c8\uc9c0\ub9cc \uc57d 90\uc77c \ub0b4\uc5d0 \uacf5\uae09\uc744 \uc2dc\uc791\ud560 \uac83\uc774\ub2e4. \ub610\ud55c BCRA\ub294 2026\ub144 \ub4e4\uc5b4 \ud604\uc7ac\uae4c\uc9c0 19\uc5b5 \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud588\ub2e4. \ubd84\uba85\ud788 \uc9c0\uae08\uc740 \uce90\ub9ac \ud2b8\ub808\uc774\ub4dc\uc758 \ucc3d\uad6c\uac00 \uc5f4\ub824 \uc788\ub294 \uc0c1\ud669\uc73c\ub85c, \ud658\uc728\uc774 \uc548\uc815\ub41c \uc0c1\ud0dc\uc5d0\uc11c \ud398\uc18c \uae08\ub9ac\ub97c \ud65c\uc6a9\ud558\uace0 \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8 \ub300\ube44 \uc57d 12% \ub0ae\uc740 \uc218\uc900\uc774\ub77c\ub294 \uc810\uc774 \uc791\uc6a9\ud558\uace0 \uc788\ub2e4.\uacf5\uc2dd \ud658\uc728\uc740 11\uc6d4 \uc774\ud6c4 \ucd5c\uc800 \uc218\uc900\uc5d0 \ub3c4\ub2ec\ud588\ub2e4.\uc774\ub7ec\ud55c \ubc30\uacbd \uc694\uc778\ub4e4\ub85c \uae08\uc735\ud658\uc728\ub3c4 \ud558\ub77d\ud558\ub294 \uacbd\ud5a5\uc744 \ubcf4\uc774\uace0 \uc788\ub2e4. MEP \ud658\uc728\uc740 \uc790\ubcf8\uc2dc\uc7a5 \ud654\uba74\uc5d0\uc11c 1422.52\ud398\uc18c\ub85c \uc804\uc77c \ub300\ube44 9.16\ud398\uc18c \ud558\ub77d(-0.6%)\ud588\uace0, CCL \ud658\uc728\uc740 1471.37\ud398\uc18c\ub85c \ud558\ub8e8 4.46\ud398\uc18c \ud558\ub77d(-0.3%)\ud588\ub2e4.\ube44\uacf5\uc2dd \uc2dc\uc7a5\uc5d0\uc11c\ub294 \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc2dc\ub0b4 \ud658\uc804\uc0c1 \uae30\uc900 \ube14\ub8e8\ub2ec\ub7ec\uac00 1440\ud398\uc18c\uc5d0 \uac70\ub798\ub418\uace0 \uc788\uc73c\uba70, \uc774\ub294 \uc804\uc77c \ub300\ube44 5\ud398\uc18c \uc0c1\uc2b9(+0.3%)\ud55c \uac83\uc73c\ub85c \uc720\uc77c\ud558\uac8c \uc0c1\uc2b9\ud55c \ud658\uc728\uc774\ub2e4.\uc815\ubd80\ub294 \ub9cc\uae30\uac00 \ub3c4\ub798\ud55c \ud398\uc18c\ud654 \ubd80\ucc44\ub97c \uc804\uc561 \ucc28\ud658\ud588\uc73c\uba70, 1\uc870 7\ucc9c\uc5b5 \ud398\uc18c\ub97c \ucd94\uac00\ub85c \ud655\ubcf4\ud588\ub2e4.\ucf54\ucf54\uc2a4 \uace8\ub4dc\uc758 \uc7ac\ubb34 \uc790\ubb38 \uc774\uc548 \ucf5c\ub86c\ubcf4\ub294 \ub2ec\ub7ec\uac00 \ud558\ub77d\ud558\ub294 \uc774\uc720\ub97c \ub450 \uac00\uc9c0\ub85c \uc124\uba85\ud588\ub2e4.\uccab\uc9f8, \uae30\uc5c5\uacfc \uc9c0\ubc29\uc815\ubd80\uac00 \ud574\uc678\uc5d0\uc11c \uc870\ub2ec\ud55c \uc790\uae08\uc744 \uad6d\ub0b4\ub85c \ub4e4\uc5ec\uc624\uace0 \uc788\uae30 \ub54c\ubb38\uc774\ub2e4. \uc9c0\ub09c\ud574 10\uc6d4 \uc120\uac70 \uc774\ud6c4 \ub9ce\uc740 \uacf3\uc774 \ud574\uc678\uc5d0\uc11c \uc790\uae08\uc744 \uc870\ub2ec\ud588\uace0, \uc815\ubd80\ub294 \uadf8 \ub2ec\ub7ec\uc758 90%\ub97c \ucd5c\ucd08 6\uac1c\uc6d4 \ub3d9\uc548 \ub9e4\ub3c4\ud558\ub3c4\ub85d \uc758\ubb34\ud654\ud558\uace0 \uc788\ub2e4. \uc774\uac83\uc774 \uac15\ud55c \uc678\ud654 \uc720\uc785\uc744 \ub9cc\ub4e0\ub2e4.\ub458\uc9f8, \ud604\uc7ac \ub2ec\ub7ec \ud45c\uc2dc \uae08\uc735\uc0c1\ud488\uc758 \uc218\uc775\ub960\uc774 \uc608\uc804\ub9cc\ud07c \ub9e4\ub825\uc801\uc774\uc9c0 \uc54a\uc544 \ub9ce\uc740 \ud22c\uc790\uc790\ub4e4\uc774 \ub2ec\ub7ec\ub97c \ud314\uace0 \ud398\uc18c\ub85c \uc774\ub3d9\ud574 \ub354 \ub192\uc740 \uc218\uc775\uc744 \ucc3e\uace0 \uc788\ub2e4.\ud55c\ud3b8 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 \uc7a5 \ucd08\ubc18\uc5d0\ub294 \ud558\ub77d\ud558\uba70 500bp \uc544\ub798\ub85c \ub0b4\ub824\uac14\uc9c0\ub9cc, \uad6d\uc81c \ud658\uacbd\uc774 \uc545\ud654\ub418\uba74\uc11c \ub2e4\uc2dc \uc0c1\uc2b9\ud574 \ud604\uc7ac 508bp \uc218\uc900\uc73c\ub85c \uc804\uc77c \ub300\ube44 \uc57d 2bp \uc0c1\uc2b9(+0.4%)\ud588\ub2e4. \uc774\ub294 \uad6d\ucc44 \uac00\uaca9 \ud558\ub77d\uc758 \uacb0\uacfc\ub85c, \ubcf4\ub098\ub974 \ucc44\uad8c(AF38D)\uc740 0.48%, \uae00\ub85c\ubc8c \ucc44\uad8c(GD38D)\uc740 0.54% \ud558\ub77d\ud588\ub2e4. \ub3d9\ub9f9\uc758 \uc9c0\uc6d0\uc73c\ub85c \uc815\ubd80\ub294 \ub178\ub3d9\uac1c\ud601 \ubc95\uc548\uc758 \uc2b9\uc778\uc744 \ud655\ubcf4\ud588\ub2e4.\ud55c \ubd84\uc11d\uac00\ub294 \ub2e4\uc74c\uacfc \uac19\uc774 \ub9d0\ud588\ub2e4.\uad6d\ucc44\ub294 \uc774\ubbf8 \ud22c\uc790\uc218\uc775\ub960(TIR)\uc774 \uc0c1\ub2f9 \ubd80\ubd84 \uc870\uc815\ub418\uc5c8\uace0, \ucd94\uac00\uc801\uc778 \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4 \ucd95\uc18c\ub294 \uc544\uc9c1 \uba85\ud655\ud558\uc9c0 \uc54a\uc740 \uc911\uc694\ud55c \ucd09\ub9e4\uac00 \ud544\uc694\ud558\ub2e4. \ub178\ub3d9\uac1c\ud601\uc774 \uadf8 \ucd09\ub9e4\uac00 \ub420 \uac83\uc774\ub77c\uace0 \ubcf4\uc9c0\ub294 \uc54a\uc9c0\ub9cc \ub3c4\uc6c0\uc774 \ub418\uae30\ub294 \ud55c\ub2e4. \uc8fc\uc2dd\ub3c4 \ub9c8\ucc2c\uac00\uc9c0\uc774\uba70, \uc2dc\uc7a5 \uc7ac\ubd84\ub958 \uac00\ub2a5\uc131\uc740 \uc544\uc9c1 \uba40\ub2e4. \ub2f9\ubd84\uac04 \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4 \ucd95\uc18c\uc758 \uc720\uc77c\ud55c \uc694\uc778\uc740 \uc911\uc559\uc740\ud589\uc758 \ub2ec\ub7ec \ub9e4\uc785\uc774 \ub420 \uac83\uc774\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc774 \ub2e4\uc2dc \uac00\uc18d\ub420 \uacbd\uc6b0 \ucd08\uae30 \ub2e8\uacc4\uc758 \uc7ac\ud1b5\ud654\ud654 \uc18d\ub3c4\ub97c \ub2a6\ucd94\ub294 \uc694\uc778\uc774 \ub420 \uc218 \uc788\ub294\uc9c0\uac00 \uad00\uac74\uc774\ub2e4. \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc99d\uc2dc\ub294 \uc7a5 \ucd08\ubc18 \uc77c\ubd80 \uc0c1\uc2b9\uc774 \uc788\uc5c8\uc74c\uc5d0\ub3c4 \uacc4\uc18d \ud558\ub77d\uc138\ub97c \uc774\uc5b4\uac14\ub2e4. S&P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 4.8% \ud558\ub77d\ud574 2,871,641\ud3ec\uc778\ud2b8\ub97c \uae30\ub85d\ud588\uc73c\uba70, CCL \uae30\uc900\uc73c\ub85c \ud658\uc0b0\ud558\uba74 \uc57d 1951\ub2ec\ub7ec \uc218\uc900(-4.6%)\uc774\ub2e4. \uc8fc\uc694 \ub099\ud3ed \uc885\ubaa9\uc740 BBVA -7.1%, \uac08\ub9ac\uc2dc\uc544 \uae08\uc735\uadf8\ub8f9 -6.8%, \uc218\ud398\ub974\ube44\uc5d0\uc608 \uc740\ud589 -6.4%\uc600\ub2e4. \uc13c\ucf54\uc218\ub4dc\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uc2e0\uc784 \ucd1d\uad04\ub9e4\ub2c8\uc800\ub85c \ub3cc\ub85c\ub808\uc2a4 \ud398\ub974\ub09c\ub370\uc2a4 \ub85c\ubca0\ub97c \uc784\uba85\ud588\ub2e4.\ubbf8\uad6d \uc8fc\uc694 \uc9c0\uc218\uac00 \ud558\ub77d\ud55c \ud750\ub984\uacfc \ub9de\ubb3c\ub824 \uc6d4\uac00\uc5d0 \uc0c1\uc7a5\ub41c \uc544\ub974\ud5e8\ud2f0\ub098 ADR\ub3c4 \ub2e4\uc2dc \ud558\ub77d\ud588\ub2e4. \uae30\uc220\uae30\uc5c5 \uae00\ub85c\ubc18\ud2b8\ub294 18.7% \uae09\ub77d\ud588\uace0, \ud154\ub808\ucf64 \uc544\ub974\ud5e8\ud2f0\ub098\ub294 10%, \uc218\ud398\ub974\ube44\uc5d0\uc608 \uc740\ud589\uc740 7.7% \ud558\ub77d\ud588\ub2e4.FMYA\uc758 \uacbd\uc81c\ud559\uc790 \ud398\ub974\ub09c\ub3c4 \ub9c8\ub8f0\uc740 \ub2e4\uc74c\uacfc \uac19\uc774 \ub9d0\ud588\ub2e4.\uae00\ub85c\ubc8c \ud658\uacbd\uc740 \ub098\uc058\uc9c0 \uc54a\uace0 \uc911\uc559\uc740\ud589\uc740 \uc678\ud658\uc744 \ub9e4\uc785\ud558\uace0 \uc788\uc73c\uba70 \ub2ec\ub7ec\ub294 \uc548\uc815\uc801\uc774\uace0 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub3c4 \ub2e4\uc2dc \ub0b4\ub824\uc654\ub2e4. \uc870\ub9cc\uac04 \uc8fc\uc2dd\uc774 \uc5b4\ub290 \uc815\ub3c4 \ubc18\ub4f1\ud560 \uac83\uc73c\ub85c \ubcf8\ub2e4. \uacfc\uac70\ucc98\ub7fc \uae09\ub4f1\ud558\uc9c0\ub294 \uc54a\uaca0\uc9c0\ub9cc \uba87 \ub144 \uc804\ubcf4\ub2e4 \uae30\uc5c5 \uac00\uce58\uac00 \uc774\ubbf8 \ub450\uc138 \ubc30 \uc218\uc900\uc774\uae30 \ub54c\ubb38\uc774\ub2e4. \uacbd\uc81c \ud65c\ub3d9\uc774 \ub2e4\uc18c \ub454\ud654\ub41c \uc810\uc740 \uc601\ud5a5\uc744 \uc8fc\uc9c0\ub9cc, \uc6b0\ud638\uc801\uc778 \ud658\uacbd\uc774 \uacb0\uad6d \uc8fc\uac00\uc5d0 \ubc18\uc601\ub420 \uac83\uc73c\ub85c \ubcf8\ub2e4. \uae30\uc0ac \uc694\uc57d \ubd80\ubd84\ub2ec\ub7ec\ub294 \ub2e4\uc2dc \ud558\ub77d\ud574 3\uac1c\uc6d4 \ub9cc\uc5d0 \ucd5c\uc800\uce58\ub97c \uae30\ub85d\ud588\uace0, \ub3d9\uc2dc\uc5d0 \uc6d4\uac00\uc5d0\uc11c\ub294 \uc77c\ubd80 \uc8fc\uc2dd\uc774 \ucd5c\ub300 18% \ud558\ub77d\ud588\ub2e4. \ubc29\ucf54 \ub098\uc2dc\uc628 \uae30\uc900 \uacf5\uc2dd\ud658\uc728\uc740 \uc57d 1415\ud398\uc18c\ub85c 3\uac1c\uc6d4 \ucd5c\uc800\uce58\ub97c \uae30\ub85d\ud588\uc73c\uba70, \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc99d\uc2dc\ub294 \ucd5c\ub300 7% \ud558\ub77d\ud588\uace0, \uae00\ub85c\ubc18\ud2b8\ub294 \uc6d4\uac00\uc5d0\uc11c 18% \ud558\ub77d\ud588\ub2e4.2026\ub144 2\uc6d4 12\uc77c<\/p>\n","protected":false},"author":6,"featured_media":11472,"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-11471","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\/11471","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=11471"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11471\/revisions"}],"predecessor-version":[{"id":11473,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11471\/revisions\/11473"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/11472"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}