{"id":11706,"date":"2026-03-03T15:55:57","date_gmt":"2026-03-03T18:55:57","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11706"},"modified":"2026-03-03T15:56:58","modified_gmt":"2026-03-03T18:56:58","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c03%ec%9b%94-03%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11706","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(03\uc6d4 03\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. BCRA, \ubcf4\ud504\ub808\uc54c(Bopreal) \ucc44\uad8c \ub300\uaddc\ubaa8 \uc0c1\ud658\uc5d0\ub3c4 \uc678\ud658\ubcf4\uc720\uc561 \uc601\ud5a5 \uc5c6\uc5b4
    \uc7ac\uc815 \uc758\ubb34 \uc774\ud589\uc774 \uac15\uc870\ub41c \ud558\ub8e8\uc600\ub2e4. \uc911\uc559\uc740\ud589(BCRA)\uc740 \uc774\ubc88 \uc6d4\uc694\uc77c \ubcf4\ud504\ub808\uc54c(Bopreal) \uc2dc\ub9ac\uc988 3\uc758 \ub450 \ubc88\uc9f8 \uc6d0\uae08 \uc0c1\ud658\ubd84\uc5d0 \ud574\ub2f9\ud558\ub294 10\uc5b5 400\ub9cc \ub2ec\ub7ec\ub97c \uc9c0\uae09\ud588\ub2e4. \uc774 \ucc44\uad8c\uc740 \uc804 \uc815\ubd80 \uc2dc\uc808 \ub204\uc801\ub41c \uc218\uc785\uc5c5\uc790 \ucc44\ubb34\ub97c \uc815\uc0c1\ud654\ud558\uae30 \uc704\ud574 \uc124\uacc4\ub41c \uae08\uc735\uc0c1\ud488\uc774\ub2e4.
    \uc0c1\ud658 \uaddc\ubaa8\uac00 \ucef8\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \ud1b5\ud654\ub2f9\uad6d\uc758 \ucd1d\uc678\ud658\ubcf4\uc720\uc561\uc740 \uc624\ud788\ub824 \uc0c1\uc2b9\ud574 465\uc5b5 1,700\ub9cc \ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4. \uc774\ub294 \ud68c\uacc4\uc0c1 \uae30\uc220\uc801 \uc694\uc778 \ub355\ubd84\uc778\ub370, \ucc44\uad8c \ubcf4\uc720\uc790\uc758 90% \uc774\uc0c1\uc774 \uad6d\ub0b4 \uacc4\uc88c\ub97c \ubcf4\uc720\ud558\uace0 \uc788\uc5b4 \ub2ec\ub7ec\uac00 \uae08\uc735\uc2dc\uc2a4\ud15c \ub0b4\ubd80\uc5d0 \ub0a8\uc558\uae30 \ub54c\ubb38\uc774\ub2e4. \uc774\ub85c \uc778\ud574 \uc911\uc559\uc740\ud589\uc740 \uc678\ud658\uc2dc\uc7a5 \uc9c1\uc811 \ub9e4\uc785\uc744 \ud1b5\ud574 7,000\ub9cc \ub2ec\ub7ec\ub97c \ucd94\uac00\ub85c \ub354\ud560 \uc218 \uc788\uc5c8\ub2e4.<\/li>\n\n\n\n
  2. \uc138\uc218 \uac10\uc18c\uc138 \uc2ec\ud654
    \uad00\uc138\u00b7\uc870\uc138 \ud1b5\uc81c\uccad(ARCA)\uc740 2\uc6d4 \uc138\uc218\uac00 16\uc870 2,000\uc5b5 \ud398\uc18c\ub97c \uae30\ub85d\ud588\ub2e4\uace0 \ubc1c\ud45c\ud588\ub2e4. \uc774\ub294 \uba85\ubaa9 \uae30\uc900\uc73c\ub85c\ub294 20% \uc99d\uac00\ud55c \uc218\uce58\uc774\ub098, \uc778\ud50c\ub808\uc774\uc158\uc744 \ubc18\uc601\ud558\uba74 \uc2e4\uc9c8 \uae30\uc900\uc73c\ub85c 9% \uac10\uc18c\ud55c \uac83\uc774\ub2e4.
    \uc774 \uacb0\uacfc\ub294 \uc7ac\uc815 \uc218\uc785\uc774 7\uac1c\uc6d4 \uc5f0\uc18d \uac10\uc18c\ud588\uc74c\uc744 \uc758\ubbf8\ud55c\ub2e4. \uc774\ub294 \uacbd\uc81c\ud65c\ub3d9 \ub454\ud654\uc640 \uc870\uc138\uc815\ucc45 \uacb0\uc815\uc774 \ubcf5\ud569\uc801\uc73c\ub85c \uc791\uc6a9\ud55c \uacb0\uacfc\ub2e4. \ud2b9\ud788 \ub18d\uc5c5 \ubd80\ubb38\uc5d0 \ub300\ud55c \uc218\ucd9c\uc138 \uc778\ud558\ub85c \uc218\ucd9c \uad00\ub828 \uc138\uc218\uac00 40% \uae09\uac10\ud588\ub2e4.
    \ub610\ud55c 2025\ub144 \uace0\uc810 \ub300\ube44 \uc218\uc785\uad00\uc138 \uc218\uc785\uc774 26% \uac10\uc18c\ud588\uace0, \uc218\ud45c\uc138\uc758 \uc601\uc5c5\uc77c\uc218 \uac10\uc18c, \uae30\uc5c5\ub4e4\uc758 \ubd80\uac00\uac00\uce58\uc138(IVA) \ubc0f \uc0ac\ud68c\ubcf4\uc7a5\uc138 \ubd84\ud560 \ub0a9\ubd80 \ud655\ub300 \ub4f1\uc73c\ub85c \uc778\ud574 \ub2e8\uae30\uc801\uc73c\ub85c \uad6d\uace0 \uc720\uc785\uc774 \uc9c0\uc5f0\ub418\uace0 \uc788\ub2e4\uace0 \uc124\uba85\ud588\ub2e4.<\/li>\n\n\n\n
  3. \uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc0b0, \ub300\ub0b4\uc678 \ucda9\uaca9\uc5d0 \uae09\ub77d
    \ubbf8\uad6d\uacfc \uc774\uc2a4\ub77c\uc5d8\uc758 \uc774\ub780 \uacf5\uaca9 \uc774\ud6c4 \uc911\ub3d9 \uc9c0\uc5ed \uae34\uc7a5\uc774 \uace0\uc870\ub418\uba74\uc11c \uae00\ub85c\ubc8c \uc704\ud5d8\ud68c\ud53c \uc2ec\ub9ac\uac00 \ud655\uc0b0\ub418\uc5c8\uace0, \uc774\ub294 \uc720\ub7fd\uacfc \uc544\uc2dc\uc544 \uc2dc\uc7a5\uc5d0 \uac15\ud55c \ucda9\uaca9\uc744 \uc8fc\uc5c8\uc73c\uba70 \uc6d0\uc790\uc7ac \uac00\uaca9\uc744 \ub04c\uc5b4\uc62c\ub838\ub2e4.
    \uc774\ub7ec\ud55c \uae00\ub85c\ubc8c \ubcc0\ub3d9\uc131 \uc18d\uc5d0\uc11c\ub3c4 \uc6d4\uac00\ub294 \uc7a5 \ub9c8\uac10 \uc2dc \uc190\uc2e4\uc744 \uc77c\ubd80 \ucd95\uc18c\ud588\uc73c\ub098, \uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc0b0\uc740 \ud558\ub77d \ud750\ub984\uc744 \ud53c\ud558\uc9c0 \ubabb\ud588\ub2e4.
    S&P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 \ub4f1\ub77d\uc744 \ubc18\ubcf5\ud55c \ub05d\uc5d0 1.5% \ud558\ub77d \ub9c8\uac10\ud588\uc73c\uba70, \uc77c\ubd80 \uc885\ubaa9\uc740 \ucd5c\ub300 7.2%\uae4c\uc9c0 \ud558\ub77d\ud588\ub2e4. \ub274\uc695 \uc0c1\uc7a5 ADR \uc5ed\uc2dc \ub300\ubd80\ubd84 4% \uc774\uc0c1 \ud558\ub77d\ud588\ub2e4.
    \ud22c\uc790\uc790\ub4e4\uc740 \ud558\ube44\uc5d0\ub974 \ubc00\ub808\uc774 \ub300\ud1b5\ub839\uc758 \uc758\ud68c \uc5f0\uc124 \uc774\ud6c4 \uc2e0\uc911\ud55c \ud0dc\ub3c4\ub97c \uc720\uc9c0\ud558\uace0 \uc788\ub2e4. \uadf8\ub294 2026\ub144\uc744 \uc704\ud55c \uad6c\uc870\uac1c\ud601 \ud328\ud0a4\uc9c0\ub97c \uc7ac\ud655\uc778\ud588\ub2e4.
    \ud55c\ud3b8 \ub2ec\ub7ec\ud45c\uc2dc \uad6d\ucc44\ub294 \ud68c\ubcf5\uc138\ub97c \ubcf4\uc774\uba70 \uc704\ud5d8\ud504\ub9ac\ubbf8\uc5c4\uc774 567bp \uc218\uc900\uae4c\uc9c0 \ud558\ub77d\ud588\ub2e4.<\/li>\n\n\n\n
  4. \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728, 1,400\ud398\uc18c \ud558\ud68c
    \uc911\ub3d9 \ubd84\uc7c1\uc73c\ub85c \uad6d\uc81c\uc2dc\uc7a5\uc774 \uadf9\ub3c4\ub85c \ubbfc\uac10\ud55c \uc0c1\ud669\uc5d0\uc11c\ub3c4, \uc544\ub974\ud5e8\ud2f0\ub098 \uc678\ud658\uc2dc\uc7a5\uc740 \ud558\ub77d\uc138\ub97c \uc774\uc5b4\uac14\ub2e4.
    \uacf5\uc2dd \ub3c4\ub9e4\ud658\uc728\uc740 1,395\ud398\uc18c\uae4c\uc9c0 \ud558\ub77d\ud558\uba70 1,400\ud398\uc18c \uc120\uc744 \ud558\ud68c\ud588\uace0, \uc774\ub294 \uc774\ud2c0 \uc5f0\uc18d \ud558\ub77d\uc774\ub2e4.
    2\uc6d4 \ud55c \ub2ec \ub3d9\uc548 3.5% \ud558\ub77d\ud588\ub294\ub370, \uc774\ub294 2019\ub144 6\uc6d4 \uc774\ud6c4 \ucd5c\ub300 \uc6d4\uac04 \ud558\ub77d\ud3ed\uc774\ub2e4. \uc815\ubd80\uac00 \uc124\uc815\ud55c \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8 \ub300\ube44 15.5% \ub0ae\uc740 \uc218\uc900\uc774\uba70, \uac70\ub798 \uaddc\ubaa8\ub294 9\uc5b5 3,500\ub9cc \ub2ec\ub7ec\ub85c \uacac\uc870\ud588\ub2e4.
    \uae08\uc735 \ub2ec\ub7ec\ub294 \uc5c7\uac08\ub9b0 \ud750\ub984\uc744 \ubcf4\uc600\ub2e4. MEP \ud658\uc728\uc740 1,413.54\ud398\uc18c\uae4c\uc9c0 \ud558\ub77d\ud588\uace0, CCL \ud658\uc728\uc740 1,468.46\ud398\uc18c\uae4c\uc9c0 \uc0c1\uc2b9\ud588\ub2e4.
    \uc120\ubb3c\ud658\uc740 0.9% \uc0c1\uc2b9\ud574 3\uc6d4 \ub9d0 1,423\ud398\uc18c\ub97c \uc608\uc0c1\ud558\uace0 \uc788\ub2e4.
    \uc774 \uc7a5\uae30\uc801 \u201c\ud658\uc728 \uc548\uc815\u201d\uc740 \uc9c0\ub09c\uc8fc 1.5% \ubc18\ub4f1\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc5ec\uc804\ud788 \uacbd\uc81c \ud504\ub85c\uadf8\ub7a8\uc758 \ud575\uc2ec \ucd95\uc73c\ub85c \uc791\uc6a9\ud558\uace0 \uc788\ub2e4.
    \uc774\uc640\uad00\ub828 \ud22c\ucfe0\ub9cc \uc9c0\uc5ed\uc9c0 La Gaceta\ub294 \uc911\uc559\uc740\ud589\uc774 39\uac70\ub798\uc77c \uc5f0\uc18d \uc678\ud658\uc2dc\uc7a5 \uc21c\ub9e4\uc218\ub97c \uae30\ub85d\ud558\uba70 2026\ub144 \uccab \uc644\uc804\ud55c \uc6d4\uc744 \uc77c\uac04 \uae30\uc900 \ud751\uc790\ub85c \ub9c8\uac10\ud588\ub2e4\uace0 \ubcf4\ub3c4\ud588\ub2e4.<\/li>\n\n\n\n
  5. \ud638\ub974\ubb34\uc988 \ud574\ud611 \uc0ac\uc2e4\uc0c1 \ubd09\uc1c4\ub85c \uc720\uac00 \uae09\ub4f1
    \uc138\uacc4 \uc5d0\ub108\uc9c0 \uc2dc\uc7a5\uc740 \ucda9\uaca9 \uc0c1\ud0dc\uc5d0 \uc9c4\uc785\ud588\ub2e4.
    \uc774\ub780\uc758 \uacf5\uaca9\uc73c\ub85c \uc138\uacc4 \uc6d0\uc720\uc758 20%\uac00 \ud1b5\uacfc\ud558\ub294 \ud638\ub974\ubb34\uc988 \ud574\ud611\uc774 \ub9c8\ube44\ub418\uba74\uc11c \uc720\uac00\ub294 \ucd5c\ub300 13% \uae09\ub4f1\ud588\ub2e4.
    \uc774\ub780 \ucd5c\uace0\uc9c0\ub3c4\uc790 \uc54c\ub9ac \ud558\uba54\ub124\uc774 \uc0ac\ub9dd \uc774\ud6c4 \ud14c\ud5e4\ub780\uc758 \ubcf4\ubcf5\uc73c\ub85c \uc720\uc870\uc120\uc774 \ud53c\ud574\ub97c \uc785\uace0 \uc8fc\uc694 \ud56d\ub85c\uac00 \ucc28\ub2e8\ub418\uc5c8\uc73c\uba70, 200\ucc99 \uc774\uc0c1\uc758 \uc120\ubc15\uc774 \ubc1c\uc774 \ubb36\uc600\ub2e4.
    \ud55c\uad6d\uacfc \uc778\ub3c4 \ub4f1\uc740 \ube44\uc0c1\ub300\uc751 \ubc0f \uc804\ub7b5\ube44\ucd95\uc720 \ubc29\ucd9c\uc744 \uac80\ud1a0\ud588\ub2e4.
    \ube0c\ub80c\ud2b8\uc720\ub294 \ubc30\ub7f4\ub2f9 82.65\ub2ec\ub7ec, WTI\ub294 75.6\ub2ec\ub7ec\uae4c\uc9c0 \uc0c1\uc2b9\ud588\ub2e4.
    \ud56d\uacf5\uc720\uc640 \ud718\ubc1c\uc720 \uacf5\uae09 \ucc28\uc9c8 \uac00\ub2a5\uc131\uc5d0 \ub300\ud55c \uc6b0\ub824\ub3c4 \ucee4\uc9c0\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  6. \uc6d0\uc720 \uae09\ub4f1 \uc18d \uc6d4\uac00 \ud63c\uc870 \ub9c8\uac10
    \uc911\ub3d9 \uae34\uc7a5 \uace0\uc870 \uc18d\uc5d0\uc11c \uc6d4\uac00\ub294 \ud63c\uc870\uc138\ub85c \ub9c8\uac10\ud588\ub2e4.
    \ub2e4\uc6b0\uc9c0\uc218 -0.15% S&P500 +0.01% \ub098\uc2a4\ub2e5 +0.36%
    \uc5d0\ub108\uc9c0 \ubc0f \uae30\uc220\uc8fc \ubc18\ub4f1\uc774 \uc77c\ubd80 \uc9c0\uc218\ub97c \uc9c0\ud0f1\ud588\ub2e4.
    \uc720\uac00\ub294 \uc7a5\uc911 \ucd5c\ub300 8.1%\uae4c\uc9c0 \uae09\ub4f1\ud558\uba70 \uc2dc\uc7a5\uc758 \uc911\uc2ec \uc774\uc288\uac00 \ub418\uc5c8\ub2e4.
    \uc911\uad6d\uc774 \uc774\ub780 \uc9c0\uc9c0\ub97c \uba85\ud655\ud788 \ud558\uba74\uc11c \uc678\uad50\uc801 \uae34\uc7a5\uc774 \uace0\uc870\ub418\uc5c8\uace0, \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504\ub294 \u201cFuria \u00c9pica(\uc7a5\ub300\ud55c \ubd84\ub178)\u201d \uc791\uc804\uc774 \uc774\ub780 \uc815\uad8c\uc758 \uad70\uc0ac \uc5ed\ub7c9\uc744 \ubb34\ub825\ud654\ud560 \ub54c\uae4c\uc9c0 \uc9c0\uc18d\ub420 \uac83\uc774\ub77c\uace0 \uacbd\uace0\ud588\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":11707,"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-11706","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\/11706","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=11706"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11706\/revisions"}],"predecessor-version":[{"id":11708,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11706\/revisions\/11708"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/11707"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}