{"id":11531,"date":"2026-02-19T18:59:42","date_gmt":"2026-02-19T21:59:42","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11531"},"modified":"2026-02-19T18:59:44","modified_gmt":"2026-02-19T21:59:44","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c02%ec%9b%94-19%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11531","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(02\uc6d4 19\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. \uc7ac\ubb34\uccad, \ub9cc\uae30 \uc5f0\uc7a5
    \ub2e8\uae30 \uc7ac\uc815 \ubd80\ub2f4\uc744 \uc644\ud654\ud558\uae30 \uc704\ud55c \uc804\ub7b5\uc758 \uc77c\ud658\uc73c\ub85c, \uc7ac\ubb34\uccad\uc740 2\uc6d4 27\uc77c \ub9cc\uae30 \ub3c4\ub798 \uc608\uc815\uc774\ub358 \ub2ec\ub7ec \uc5f0\ub3d9 \ucc44\uad8c\uc758 64.3%\ub97c \ucc28\ud658\ud558\ub294 \ub370 \uc131\uacf5\ud588\ub2e4.
    4\uc6d4 \ub9d0 \ub9cc\uae30\uc758 \uc2e0\uaddc \uc0c1\ud488\uc744 \ud1b5\ud574 \ubbf8\ud654 15\uc5b5 5,500\ub9cc \ub2ec\ub7ec\ub97c \ubc30\uc815\ud588\uc73c\uba70, \uc774\ubc88 \uc785\ucc30\uc5d0\ub294 \uc2dc\uc7a5\uc5d0\uc11c 63\uac74\uc758 \uc81c\uc548\uc774 \uc811\uc218\ub418\uc5c8\ub2e4.
    \uc774\ubc88 \uc870\uce58\ub294 \uc911\uc694\ud55c \uc9c4\uc804\uc774\uc9c0\ub9cc, \uc989\uac01\uc801\uc778 \uc794\uc5ec \ubd80\ub2f4 7\uc870 4\ucc9c\uc5b5 \ud398\uc18c(\ud658\uc728 1,396\ud398\uc18c \uae30\uc900)\uc640 \ud5a5\ud6c4 2\uac1c\uc6d4\uac04 35\uc870 2\ucc9c\uc5b5 \ud398\uc18c\uc5d0 \ub2ec\ud558\ub294 \ub204\uc801 \ub9cc\uae30\ub77c\ub294 \ub3c4\uc804\uc801 \uc77c\uc815\uc740 \uc5ec\uc804\ud788 \ub0a8\uc544 \uc788\ub2e4.<\/li>\n\n\n\n
  2. \uc758\ud68c\uc758 \uc815\uce58\uc801 \ubd88\ud655\uc2e4\uc131 \uc5f0\ud734 \uc774\ud6c4 \uc2dc\uc7a5 \ubaa8\uba58\ud140 \uc81c\uc57d
    \uce74\ub2c8\ubc1c \uc5f0\ud734 \uc774\ud6c4, \ud604\uc9c0 \uae08\uc735\uc2dc\uc7a5\uc740 \uc2e0\uc911\ud558\uace0 \ubcc0\ub3d9\uc131\uc774 \ub192\uc740 \ubd84\uc704\uae30 \uc18d\uc5d0 \uc7ac\uac1c\ub418\uc5c8\ub2e4.
    \uc2dc\uc7a5 \uc2ec\ub9ac\ub294 \uc758\ud68c\uc758 \uc815\uce58 \uc77c\uc815\uc5d0 \ud06c\uac8c \uc601\ud5a5\uc744 \ubc1b\uc558\uc73c\uba70, \ud2b9\ud788 \ud558\ube44\uc5d0\ub974 \ubc00\ub808\uc774 \uc815\ubd80\uac00 \ucd94\uc9c4\ud558\ub294 \ub178\ub3d9\uac1c\ud601 \ub17c\uc758\uac00 \ud22c\uc790\uc790\ub4e4\uc758 \ud575\uc2ec \uad00\uc2ec\uc0ac\ub85c \ub5a0\uc62c\ub790\ub2e4.
    \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc99d\uad8c\uac70\ub798\uc18c\ub294 \ub69c\ub837\ud55c \ubc29\ud5a5\uc131\uc744 \uc7a1\uc9c0 \ubabb\ud588\ub2e4.
    \ub300\ud45c\uc9c0\uc218 S&P Merval\uc740 \ud604\uc9c0 \ud398\uc18c \uae30\uc900 3.3% \ud558\ub77d\ud588\uc73c\uba70, \ub2ec\ub7ec \uae30\uc900\uc73c\ub85c\ub294 1.5% \ud558\ub77d\ud588\ub2e4.
    \uc6d4\uac00\uc5d0 \uc0c1\uc7a5\ub41c \uc544\ub974\ud5e8\ud2f0\ub098 ADR\uc740 \ud63c\uc870\uc138\ub97c \ubcf4\uc600\ub2e4.
    \ub2ec\ub7ec\ud45c\uc2dc \uad6d\ucc44\ub294 \ucd08\ubc18\uc5d0\ub294 \ub099\uad00\uc801\uc73c\ub85c \ucd9c\ubc1c\ud574 \ucd5c\ub300 5\uc13c\ud2b8 \uc0c1\uc2b9\ud588\uc73c\ub098, \uc7a5 \ub9c8\uac10 \ubb34\ub835 \ub9e4\ub3c4 \ubb3c\ub7c9\uc774 \ub098\uc624\uba74\uc11c \ud3c9\uade0 20\uc13c\ud2b8 \ud558\ub77d\uc73c\ub85c \uc804\ud658\ub418\uc5c8\ub2e4.
    \uc774\uc5d0 \ub530\ub77c \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 0.8% \uc0c1\uc2b9\ud558\uc5ec 515bp\ub97c \uae30\ub85d, \ucd5c\uadfc 4\uac70\ub798\uc77c \uc911 \uc138 \ubc88\uc9f8 \uc0c1\uc2b9\uc744 \ub098\ud0c0\ub0c8\ub2e4.
    \ud398\uc18c\ud45c\uc2dc \ucc44\uad8c \uc2dc\uc7a5\uc740 \uc81c\ud55c\uc801\uc774\uace0 \ud63c\uc870\ub41c \uc6c0\uc9c1\uc784\uc744 \ubcf4\uc600\ub2e4.
    CER \uc5f0\ub3d9 \ucc44\uad8c\uc740 \ud3c9\uade0 0.25% \uc0c1\uc2b9\ud588\ub2e4.
    \uace0\uc815\uae08\ub9ac \ucc44\uad8c\uc740 \ub2e8\uae30\ubb3c \uc57d\uc138, \uc7a5\uae30\ubb3c \uc18c\ud3ed \uc0c1\uc2b9\uc744 \ubcf4\uc600\ub2e4.
    \ubcc0\ub3d9\uae08\ub9ac \ucc44\uad8c\uc740 \ud3c9\uade0 0.1% \uc0c1\uc2b9\ud588\ub2e4.
    \uacb0\ub860\uc801\uc73c\ub85c \uc815\uce58 \uc774\uc288\uac00 \uc7a5\uc138\ub97c \uc8fc\ub3c4\ud55c \uc804\ud658\uc801 \uac70\ub798\uc77c\uc774\uc5c8\ub2e4.<\/li>\n\n\n\n
  3. \uc815\ubd80, 1\uc6d4 \uc7ac\uc815 \ud751\uc790 \uc720\uc9c0
    \uacbd\uc81c\ubd80\ub294 1\uc6d4 3\uc870 1\ucc9c\uc5b5 \ud398\uc18c\uc758 \uae30\ucd08\uc7ac\uc815 \ud751\uc790\ub85c \ud55c \ud574\ub97c \uc2dc\uc791\ud588\ub2e4.
    2025\ub144 1\uc6d4 \ub300\ube44 \uc2e4\uc9c8 \uae30\uc900 3% \uac10\uc18c, \uc138\uc218\ub294 8% \uac10\uc18c\ud588\uc9c0\ub9cc \ud751\uc790\ub97c \uc720\uc9c0\ud588\ub2e4.
    \uc774\ub294 \ube44\uc870\uc138 \uc218\uc785\uc774 108% \uae09\uc99d\ud55c \uac83\uc774 \ubcf4\uc644 \uc694\uc778\uc774 \ub418\uc5c8\uc73c\uba70, \ud2b9\ud788 \ucf54\ub9c8\uc6b0\uc5d0 \ub310 \ubbfc\uc601\ud654 \uc218\uc785\uc774 \ud06c\uac8c \uae30\uc5ec\ud588\ub2e4.
    \uc774\ub85c \uc778\ud574 Bonar \ubc0f Global \ucc44\uad8c \uc774\uc790 \uc9c0\uae09\uc744 \uac10\uc548\ud55c \uc774\ud6c4\uc5d0\ub3c4 1\uc870 1\ucc9c\uc5b5 \ud398\uc18c\uc758 \uc7ac\uc815 \ud751\uc790\ub97c \ub2ec\uc131\ud588\ub2e4.
    \ub8e8\uc774\uc2a4 \uce74\ud478\ud1a0 \uacbd\uc81c\uc7a5\uad00\uc740 \u201c\uc7ac\uc815 \uc815\ucc45\u201d\uc744 \uacbd\uc81c \ud504\ub85c\uadf8\ub7a8\uc758 \ud575\uc2ec \ucd95\uc73c\ub85c \uc7ac\ud655\uc778\ud588\ub2e4.
    \uacf5\uacf5\uc7ac\uc815 \uc9c8\uc11c \ud655\ub9bd\uc744 \ud1b5\ud574 \uc9d1\uad8c \uc774\ud6c4 GDP\uc758 2.5%\uc5d0 \ud574\ub2f9\ud558\ub294 \uc138\uae08 \uac10\uba74\uc744 \uac00\ub2a5\ud558\uac8c \ud588\ub2e4\uace0 \uac15\uc870\ud588\ub2e4.<\/li>\n\n\n\n
  4. \uc911\uc559\uc740\ud589, \ub2ec\ub7ec \ub9e4\uc218 \ud589\uc9c4 \uc9c0\uc18d
    \uc544\ub974\ud5e8\ud2f0\ub098 \uc911\uc559\uc740\ud589(BCRA)\uc740 1\uc6d4 5\uc77c\ubd80\ud130 \uc774\uc5b4\uc628 \uc678\ud658\uc2dc\uc7a5 \ub0b4 \ub2ec\ub7ec \ub9e4\uc218\ub97c \uc9c0\uc18d\ud588\ub2e4.
    \uc774\ubc88\uc5d0\ub294 8,000\ub9cc \ub2ec\ub7ec\ub97c \ub9e4\uc218\ud588\uc73c\uba70, \uc774\ub294 \uc678\ud658\uc2dc\uc7a5 \uac70\ub798\ub7c9\uc758 17%\uc5d0 \ud574\ub2f9\ud55c\ub2e4.
    \uc62c\ud574 \ub204\uc801 \uc21c\ub9e4\uc218\ub294 21\uc5b5 6,900\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud55c\ub2e4.
    \ub2e4\ub9cc \uc678\ud658\ubcf4\uc720\uc561\uc740 2,900\ub9cc \ub2ec\ub7ec \uac10\uc18c\ud588\uc73c\ub098, \ucd1d \ubcf4\uc720\uc561\uc740 451\uc5b5 2,900\ub9cc \ub2ec\ub7ec\ub85c \uc5ec\uc804\ud788 450\uc5b5 \ub2ec\ub7ec\ub97c \uc0c1\ud68c\ud558\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  5. \ud658\uc728 \uaca9\ucc28, 7\uac1c\uc6d4 \ub9cc\uc5d0 \ucd5c\uace0\uce58
    \uce74\ub2c8\ubc1c \uc5f0\ud734 \uc774\ud6c4 \uc678\ud658\uc2dc\uc7a5\uc740 \ud398\uc18c \uac15\uc138 \ud750\ub984\uc744 \uc774\uc5b4\uac14\ub2e4.
    \ub3c4\ub9e4 \ub2ec\ub7ec\ub294 3.50\ud398\uc18c \ud558\ub77d\ud574 1,396\ud398\uc18c\uc5d0 \ub9c8\uac10\ud588\ub2e4.
    \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8(1,592.79\ud398\uc18c)\uacfc\uc758 \uaca9\ucc28\ub294 14.1%\ub85c \ud655\ub300\ub418\uc5c8\uc73c\uba70, \uc774\ub294 \ucd5c\uadfc 7\uac1c\uc6d4 \uc911 \uac00\uc7a5 \ub192\uc740 \uc218\uc900\uc774\ub2e4.
    \uc18c\ub9e4 \ud658\uc728\uc740 \ube44\uad50\uc801 \uc548\uc815\uc801\uc774\uc5c8\ub2e4.
    Banco Naci\u00f3n\uc740 1,420\ud398\uc18c, \uc911\uc559\uc740\ud589 \ud3c9\uade0\uc740 1,425.70\ud398\uc18c\uc600\ub2e4.
    \uae08\uc735\ud658\uc728 \uacbd\uc6b0:
    MEP \ud658\uc728: 1,415.69\ud398\uc18c
    CCL \ud658\uc728: 1,446.72\ud398\uc18c
    \uaca9\ucc28\ub294 \uac01\uac01 1.41%, 3.63%\ub97c \uae30\ub85d\ud588\ub2e4.
    \uc120\ubb3c\uc2dc\uc7a5\ub3c4 \uc548\uc815 \uae30\ub300\ub97c \ubc18\uc601\ud588\ub2e4.
    5\uc6d4\ubb3c\uae4c\uc9c0 \ucd5c\ub300 0.4% \ud558\ub77d\ud588\ub2e4.
    3\uc6d4 \ub9d0 \ub2ec\ub7ec \uc608\uc0c1\uce58\ub294 \uc57d 1,447\ud398\uc18c\ub85c, \ubd84\uae30 \ub9d0\uae4c\uc9c0 \uae09\ub4f1 \uac00\ub2a5\uc131\uc740 \ub0ae\uac8c \ubcf4\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  6. BCRA\uc640 UIF, \ud604\uae08 \uc785\uae08 \uc2e0\uace0 \uae30\uc900\uc744 USD 10,000\uc73c\ub85c \uc124\uc815
    \uc911\uc559\uc740\ud589\uacfc \uae08\uc735\uc815\ubcf4\ubd84\uc11d\uc6d0(UIF)\uc740 \ud604\uae08 \ub2ec\ub7ec \uc785\uae08\uc5d0 \ub300\ud55c \uc804\uba74 \uae08\uc9c0 \uaddc\uc815\uc740 \uc5c6\ub2e4\uace0 \uba85\ud655\ud788 \ud588\ub2e4.
    \uc740\ud589\uc740 \uc785\uae08 \uc218\ub77d \uc870\uac74\uc73c\ub85c \uc790\uae08 \ucd9c\ucc98 \ubb38\uc11c\ub97c \uc758\ubb34\uc801\uc73c\ub85c \uc694\uad6c\ud558\uc9c0 \uc54a\uc544\ub3c4 \ub41c\ub2e4.
    \ub2e4\ub9cc, \uc785\uae08\uc561\uc774 \ucd5c\uc800\u00b7\uc0dd\uacc4\u00b7\uc774\ub3d9\uc784\uae08\uc758 40\ubc30\ub97c \ucd08\uacfc\ud560 \uacbd\uc6b0\uc5d0\ub294 \uc608\uae08\uc8fc\uc640 \uc2e4\uc18c\uc720\uc790\uc5d0 \ub300\ud55c \uac15\ud654\ub41c \ud655\uc778 \uc808\ucc28\uac00 \ud544\uc694\ud558\ub2e4.
    \ud604\uc7ac 40 \ubc30\uc740 \uc57d 1,400\ub9cc \ud398\uc18c(\uc57d 10,000\ub2ec\ub7ec)\uc5d0 \ud574\ub2f9\ud55c\ub2e4.
    \uc0c8\ub85c\uc6b4 \u201c\ub9ac\uc2a4\ud06c \uae30\ubc18 \uc811\uadfc\ubc95\u201d\uc5d0 \ub530\ub77c \uae08\uc735\uae30\uad00\uc740 \ub2e8\uc21c\ud55c \uc138\ubb34\uc0c1 \uc0c1\ud669\ubcf4\ub2e4 \uac70\ub798 \ud589\ud0dc \ubd84\uc11d\uc744 \uc6b0\uc120\ud558\ub3c4\ub85d \uad8c\uace0\ubc1b\uc558\ub2e4.
    \ubaa9\ud45c\ub294 \ud0c8\uc138 \uacbd\uace0\ub97c \uc720\uc9c0\ud558\uba74\uc11c\ub3c4 \uc790\ubcf8 \ud750\ub984\uc744 \uac04\uc18c\ud654\ud558\ub294 \uac83\uc774\ub2e4.<\/li>\n\n\n\n
  7. \uc815\ubd80, RIGI\ub97c 2027\ub144\uae4c\uc9c0 \uc5f0\uc7a5
    \ud589\uc815\ubd80\ub294 \ub300\uaddc\ubaa8 \ud22c\uc790 \uc778\uc13c\ud2f0\ube0c \uc81c\ub3c4(RIGI)\uc758 \uac00\uc785 \uae30\ud55c\uc744 1\ub144 \uc5f0\uc7a5\ud558\uc5ec 2027\ub144 7\uc6d4 8\uc77c\uae4c\uc9c0 \ud655\ub300\ud588\ub2e4.
    600\ubc31\ub9cc \ub2ec\ub7ec \uc774\uc0c1 \ud22c\uc790\ud558\ub294 \u201c\uc5f0\uc548(coasta adentro)\u201d \uc11d\uc720\u00b7\uac00\uc2a4 \ud504\ub85c\uc81d\ud2b8\uc5d0 \uc801\uc6a9 \ubc94\uc704\ub97c \ud655\ub300\ud588\ub2e4.
    \ud574\uc678 \ud504\ub85c\uc81d\ud2b8\ub294 \uc704\ud5d8\ub3c4\uac00 \ub192\uc544 2\uc5b5 \ub2ec\ub7ec \uae30\uc900\uc744 \uc801\uc6a9\ud55c\ub2e4.
    \uc8fc\uc694 \ud61c\ud0dd:
    \ubc95\uc778\uc138 25% \uc778\ud558, \uc218\ucd9c\uad00\uc138 \uba74\uc81c\uc774\ub2e4.
    \uc815\ubd80\ub294 \uc774\ub97c \ud1b5\ud574 \ub300\uaddc\ubaa8 \ud22c\uc790 \uc720\uce58\uc640 \uc790\ubcf8 \ucd94\uc801 \uac00\ub2a5\uc131\uc744 \uac15\ud654\ud558\ub824 \ud55c\ub2e4.<\/li>\n\n\n\n
  8. \uc6d4\uac00 \ub099\uad00\ub860\uacfc \uc5d0\ub108\uc9c0 \uae34\uc7a5: \uc720\uac00 \uae09\ub4f1
    \ub274\uc695 \uc99d\uc2dc\ub294 \uc0c1\uc2b9 \ub9c8\uac10\ud588\ub2e4.
    S&P 500\uc740 0.56% \uc0c1\uc2b9\ud588\ub2e4.
    \uadf8\ub7ec\ub098 \uc5f0\uc900 \ud68c\uc758\ub85d\uc5d0\uc11c\ub294 \uc778\ud50c\ub808\uc774\uc158\uc774 \ub454\ud654\ub418\uc9c0 \uc54a\uc744 \uacbd\uc6b0 \ucd94\uac00 \uae08\ub9ac \uc778\uc0c1 \uac00\ub2a5\uc131\uc774 \uc5b8\uae09\ub418\uc5c8\uace0, \ubbf8 10\ub144\ubb3c \uad6d\ucc44 \uc218\uc775\ub960\uc740 4.08%\uae4c\uc9c0 \uc0c1\uc2b9\ud588\ub2e4.
    \uc5d0\ub108\uc9c0 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc9c0\uc815\ud559\uc801 \uae34\uc7a5 \uace0\uc870\ub85c WTI \uc720\uac00\uac00 \uac70\uc758 5% \uae09\ub4f1\ud574 \ubc30\ub7f4\ub2f9 65.40\ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4.
    \ubbf8\uad6d\uc758 \uc774\ub780 \uad00\ub828 \uad70\uc0ac \uac1c\uc785 \uac00\ub2a5\uc131 \uc6b0\ub824\uac00 \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ud655\ub300\uc2dc\ucf30\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":11532,"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-11531","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\/11531","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=11531"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11531\/revisions"}],"predecessor-version":[{"id":11533,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11531\/revisions\/11533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/11532"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}