{"id":12509,"date":"2026-04-30T18:37:21","date_gmt":"2026-04-30T21:37:21","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=12509"},"modified":"2026-04-30T18:37:23","modified_gmt":"2026-04-30T21:37:23","slug":"%ea%b2%bd%ec%a0%9c-%ec%86%8c%ec%8b%9d-%ec%a3%bc%ea%b0%84-%eb%b3%b4%ea%b3%a0%ec%84%9c-19","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=12509","title":{"rendered":"[\uacbd\uc81c \uc18c\uc2dd] \uc8fc\uac04 \ubcf4\uace0\uc11c"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"300\" height=\"168\" src=\"https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/04\/download-37.jpg\" alt=\"\" class=\"wp-image-12510\" \/><\/figure>\n\n\n\n<p>\uc8fc\uac04 \ubcf4\uace0\uc11c<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\uacbd\uc81c \ubc0f \uae08\uc735<br>\ud1a0\ub974\ucfe0\uc544\ud1a0 \ub514 \ud154\ub77c \ub300\ud559\uad50\uc758 \uc815\ubd80 \uc2e0\ub8b0 \uc9c0\uc218\ub294 4\uc6d4\uc5d0 3\uc6d4 \ub300\ube44 12.1% \ud558\ub77d\ud588\ub2e4. \uc774\ub294 0~5 \ucc99\ub3c4 \uae30\uc900 2.02\ud3ec\uc778\ud2b8\uc5d0 \uc704\uce58\ud55c\ub2e4. \uc774\ubc88 \ud558\ub77d\uc740 \uc62c\ud574 \ub4e4\uc5b4 \uac00\uc7a5 \ud070 \uc6d4\uac04 \uac10\uc18c\uc774\uba70, 12\uc6d4 \uc774\ud6c4 \ub204\uc801 \ud558\ub77d\ud3ed\uc740 17.9%\uc5d0 \ub2ec\ud55c\ub2e4. \uc774\uc5d0 \ub530\ub77c \ubc00\ub808\uc774 \ud589\uc815\ubd80\uc758 \ud3c9\uade0 \uc218\uc900\uc778 2.42\ud3ec\uc778\ud2b8\ubcf4\ub2e4 \ub0ae\uc544\uc9c0\uba70, \uc9d1\uad8c \uc774\ud6c4 \ucd5c\uc800\uce58\ub97c \uae30\ub85d\ud588\ub2e4.<br>\uc9c0\uc218\uc758 5\uac1c \uad6c\uc131 \uc694\uc18c \ubaa8\ub450 \ud558\ub77d\ud588\ub2e4. \uac00\uc7a5 \ud070 \ud0c0\uaca9\uc744 \ubc1b\uc740 \uac83\uc740 \ud6a8\uc728\uc131 \ud56d\ubaa9\uc73c\ub85c, 21.4% \ud558\ub77d\ud574 1.87\ud3ec\uc778\ud2b8\ub97c \uae30\ub85d\ud558\uba70 \ud604 \uc815\ubd80 \ub4e4\uc5b4 \ub450 \ubc88\uc9f8\ub85c \ub0ae\uc740 \uc218\uc900\uc744 \ubcf4\uc600\ub2e4. \ud558\ub77d\uc740 \uc804\ubc18\uc801\uc73c\ub85c \ub098\ud0c0\ub0ac\uc73c\uba70, \ud2b9\ud788 \ub0b4\ub959 \uc9c0\uc5ed\uc740 2024\ub144 9\uc6d4 \uc774\ud6c4 \ucd5c\uc800\uce58\ub97c \uae30\ub85d\ud588\ub294\ub370, \uc774\ub294 \ud574\ub2f9 \uc9c0\uc5ed\uc774 \uc5ed\uc0ac\uc801\uc73c\ub85c \ub192\uc740 \uc2e0\ub8b0 \uc218\uc900\uc744 \uc720\uc9c0\ud574\uc628 \uc810\uc744 \uace0\ub824\ud558\uba74 \ub354\uc6b1 \uc758\ubbf8\uac00 \ud06c\ub2e4.<br>\uc5f0\ub839\ubcc4\ub85c\ub294 30~49\uc138\uc5d0\uc11c 16.7% \ud558\ub77d\ud558\uba70 \uac00\uc7a5 \ud070 \uac10\uc18c\ub97c \ubcf4\uc600\uace0, \ub0a8\uc131\uc5d0\uc11c\ub294 16.9% \uac10\uc18c\ud588\ub2e4. \uc720\uc77c\ud55c \uc608\uc678\ub294 18~29\uc138 \uadf8\ub8f9\uc73c\ub85c, 2.3%\uc758 \uc18c\ud3ed \uc0c1\uc2b9\uc744 \ub098\ud0c0\ub0c8\ub2e4.<br>\uc2e0\ub8b0 \ud558\ub77d\uc740 \uc2e4\ubb3c \uacbd\uc81c\uc5d0\uc11c\ub3c4 \uc9c1\uc811\uc801\uc73c\ub85c \ub098\ud0c0\ub098\uace0 \uc788\ub2e4. \ub300\ub7c9 \uc18c\ube44\ub294 \uc5ec\uc804\ud788 \uc815\ubd80 \uc815\ucc45\uc758 \uc8fc\uc694 \uacfc\uc81c \uc911 \ud558\ub098\uc774\uba70, \uc2e0\uc6a9 \uc870\uac74\uc774 \uc544\uc9c1 \ubd80\uc871\ud55c \uc0c1\ud669\uc5d0\uc11c \uc601\ud5a5\uc744 \ubc1b\uace0 \uc788\ub2e4. \uae08\ub9ac\ub294 2\uc6d4\uae4c\uc9c0 \ub192\uc740 \uc218\uc900\uc744 \uc720\uc9c0\ud588\uace0, \uc18c\ube44\ub97c \uc55e\ub2f9\uae38 \uc720\uc778\uc740 \uc81c\ud55c\uc801\uc774\uba70, \uc778\ud50c\ub808\uc774\uc158\uc740 \uc5ec\uc804\ud788 \uad6c\ub9e4\ub825\uc744 \uc81c\uc57d\ud558\ub294 \uc694\uc778\uc73c\ub85c \uc791\uc6a9\ud558\uace0 \uc788\ub2e4.<br>Scentia(\uc18c\ube44 \ub370\uc774\ud130 \ubd84\uc11d \uae30\uad00)\uac00 \ubc1c\ud45c\ud55c 3\uc6d4 \ub370\uc774\ud130\ub294 \uc774\ub7ec\ud55c \ud750\ub984\uc744 \ud655\uc778\ud574\uc900\ub2e4. \uc804\ub144 \ub300\ube44 5.1% \uac10\uc18c\ub294 \ucd5c\uadfc 14\uac1c\uc6d4 \uc911 \uac00\uc7a5 \ud070 \ud558\ub77d\ud3ed\uc774\uba70, 1\ubd84\uae30 \ub204\uc801 \uac10\uc18c\ub294 3.1%\ub97c \uae30\ub85d\ud588\ub2e4. \uac10\uc18c\ub294 \ubaa8\ub4e0 \uc624\ud504\ub77c\uc778 \ucc44\ub110\uc5d0\uc11c \ub098\ud0c0\ub0ac\uc73c\uba70, \ub3c4\ub9e4\uc5c5\uc774 8.8% \uac10\uc18c\ub85c \uac00\uc7a5 \ud070 \ud558\ub77d\uc744 \uae30\ub85d\ud588\uace0, \uc774\uc5b4 \uc288\ud37c\ub9c8\ucf13 7.0%, \uc790\uac00\uc11c\ube44\uc2a4 \ub9e4\uc7a5 \uc21c\uc774\uc5c8\ub2e4.<\/li>\n\n\n\n<li>\uc18c\ube44 \ubc0f \uac00\uaca9 \ub3d9\ud5a5<br>\ubd80\ubd84\ubcc4\ub85c\ub294 \uccad\uc18c \ubc0f \uac00\uc815\uc6a9\ud488\uc774 12.0%\ub85c \uac00\uc7a5 \ud06c\uac8c \uac10\uc18c\ud588\uace0, \uc2e0\uc120\uc2dd\ud488 9.7%, \uc544\uce68\uc2dd\uc0ac \ubc0f \uac04\uc2dd\ub958 8.2% \uc21c\uc774\uc5c8\ub2e4. \ud55c\ud3b8, \ub300\ub7c9 \uc18c\ube44 \ud3c9\uade0 \uac00\uaca9\uc740 \uc804\ub144 \ub300\ube44 20.4% \uc0c1\uc2b9\ud588\uc9c0\ub9cc, \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218(32.6%)\ubcf4\ub2e4 \ub0ae\uc544 \uc2e4\uc9c8 \uac00\uaca9 \ud558\ub77d\uc774 \ubc1c\uc0dd\ud588\uc74c\uc744 \uc758\ubbf8\ud55c\ub2e4. \uc774\ub294 \uae30\uc5c5\ub4e4\uc774 \ud310\ub9e4\ub7c9 \ubc29\uc5b4\ub97c \uc704\ud574 \ud560\uc778\uacfc \ube0c\ub79c\ub4dc \ub300\uccb4\ub97c \ud65c\uc6a9\ud558\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud558\uc9c0\ub9cc, \ucda9\ubd84\ud55c \ud6a8\uacfc\ub97c \ub0b4\uc9c0 \ubabb\ud558\uace0 \uc788\ub2e4.<br>\uc774 \uc218\uce58\ub294 \ub2e8\ub3c5\uc73c\ub85c \ud574\uc11d\ud558\uae30 \uc5b4\ub835\ub2e4. 2025\ub144 \ud558\ubc18\uae30 \uae08\ub9ac \ubcc0\ub3d9\uc131\uacfc 1~2\uc6d4\uc758 \uae08\ub9ac \uc0c1\uc2b9\uc740 \uc544\uc9c1 \ud68c\ubcf5\ub418\uc9c0 \uc54a\uc740 \uc18c\ube44\uc5d0 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4. \ud544\uc218 \uc18c\ube44\uc7ac\uae4c\uc9c0 \ud0c0\uaca9\uc744 \ubc1b\uc740 \uc810\uc740 \uc870\uc815\uc774 \ud2b9\uc815 \ubd80\ubb38\uc5d0 \uad6d\ud55c\ub418\uc9c0 \uc54a\uc74c\uc744 \ubcf4\uc5ec\uc8fc\uba70, \uac00\uaca9 \ud558\ub77d \uc555\ub825\uc774 \uacf5\uae09\ub9dd \uc804\ubc18\uc5d0 \uc601\ud5a5\uc744 \uc904 \uac00\ub2a5\uc131\uc744 \uc2dc\uc0ac\ud55c\ub2e4.<br>\ub300\ub7c9 \uc18c\ube44 \ud68c\ubcf5\uc740 \uc810\uc9c4\uc801\uc778 \uacfc\uc815\uc774\ub2e4. 2\uc6d4 \ub9d0 \uae08\ub9ac \ud558\ub77d\uacfc \uc9c0\uc18d\uc801\uc778 \uc778\ud50c\ub808\uc774\uc158 \ub454\ud654\ub294 \uad6c\ub9e4\ub825 \ud68c\ubcf5\uc5d0 \uae0d\uc815\uc801\uc774\uc9c0\ub9cc, \ud6a8\uacfc\ub294 \ucc9c\ucc9c\ud788 \ub204\uc801\ub418\uba70 \uc2dc\uc7a5\uc758 \ucda9\uaca9\uc740 \uc7a5\uae30\uc801\uc778 \ud754\uc801\uc744 \ub0a8\uae34\ub2e4.<\/li>\n\n\n\n<li>\uc7ac\ubb34\uccad \uc785\ucc30 \ubc0f Bonar \ud504\ub85c\uadf8\ub7a8<br>\uc18c\ube44 \ubd80\uc9c4\uacfc \uc778\ud50c\ub808\uc774\uc158 \uc9c0\uc18d \uc0c1\ud669 \uc18d\uc5d0\uc11c, 4\uc6d4 28\uc77c \uc785\ucc30\uc740 \ubc18\ub300 \ubc29\ud5a5\uc758 \uc2e0\ud638\ub97c \uc81c\uacf5\ud588\ub2e4. \uc7ac\ubb34\uccad\uc740 \ucd1d 9\uc870 1,900\uc5b5 \ud398\uc18c\uc758 \uc785\ucc30 \uc218\uc694 \uc911 8\uc870 1,100\uc5b5 \ud398\uc18c\ub97c \ubc30\uc815\ud558\uba70 102.15% \ub864\uc624\ubc84\ub97c \ub2ec\uc131\ud588\ub2e4. \uc774\ub294 \uc774\ubc88 \uc6b4\uc601\uc774 \uc2dc\uc2a4\ud15c \uc720\ub3d9\uc131\uc5d0 \uc555\ubc15\uc744 \uc8fc\uc9c0 \uc54a\uc558\uc74c\uc744 \uc758\ubbf8\ud55c\ub2e4.<br>\ubc1c\ud589\uc758 \ub300\ubd80\ubd84\uc740 \uace0\uc815\uae08\ub9ac \uc0c1\ud488\uc5d0 \uc9d1\uc911\ub418\uc5c8\uc73c\uba70, \uc774\ub294 \ud22c\uc790\uc790\ub4e4\uc774 \uc778\ud50c\ub808\uc774\uc158 \ud5e4\uc9c0\ub97c \ud3ec\uae30\ud558\uace0 \uba85\ubaa9 \uae08\ub9ac\ub97c \uc120\ud638\ud558\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc900\ub2e4. \ub610\ud55c 4\uc6d4 28~29\uc77c \uc0ac\uc774 8\uc5b5 5\ucc9c\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ub2ec\ub7ec \ucc44\uad8c \ubc1c\ud589\ub3c4 \uc774\ub8e8\uc5b4\uc84c\ub294\ub370, \uc774\ub294 \uc2dc\uc7a5\uc774 \uc678\ud654 \ubd80\ucc44\ub97c \ud761\uc218\ud560 \uc218 \uc788\ub294 \ub2a5\ub825\uacfc \uc815\ubd80\uc758 \uc7ac\uc815 \uc720\uc5f0\uc131\uc744 \ubcf4\uc5ec\uc900\ub2e4.<br>Bonar \ud504\ub85c\uadf8\ub7a8\uc740 12\uc6d4 \uc2dc\uc791 \uc774\ud6c4 \ucd1d 33\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\ub85c \ubc1c\ud589\ub418\uc5c8\uc73c\uba70, \ub9cc\uae30\ub294 2027\ub144, 2028\ub144, 2029\ub144\uc5d0 \ubd84\uc0b0\ub418\uc5b4 \uc788\ub2e4.<\/li>\n\n\n\n<li>\uc804\ub7b5<br>\uc911\uc559\uc740\ud589(BCRA)\uc774 \uc7a5 \ub9c8\uac10 \uc2dc \uc720\ub3d9\uc131 \ucc3d\uad6c\ub97c \ub3c4\uc785\ud55c \ucd5c\uadfc \uacb0\uc815\uc740 \ub2e8\uae30 \uae08\ub9ac \ubcc0\ub3d9\uc131\uc744 \ub0ae\ucd94\ub294 \uc5ed\ud560\uc744 \ud558\uace0 \uc788\ub2e4. \ucd5c\uadfc 2\uac1c\uc6d4 \ub3d9\uc548 \uc774\ub7ec\ud55c \ud750\ub984\uc740 \uc2dc\uc2a4\ud15c \ub0b4 \uc720\ub3d9\uc131 \uacfc\uc789\uc5d0 \uae30\uc778\ud588\ub2e4. \ud5a5\ud6c4 \uc5ec\uac74\uc774 \uc870\uc815\ub418\ub354\ub77c\ub3c4, \uc0c8\ub85c\uc6b4 \uba54\ucee4\ub2c8\uc998\uc740 \ub0ae\uc740 \ubcc0\ub3d9\uc131\uc744 \uc720\uc9c0\ud558\uace0 \uc790\uae08 \uac00\uc6a9\uc131\uc5d0 \ub300\ud55c \ubd88\ud655\uc2e4\uc131\uc744 \uc904\uc5ec \uc740\ud589\uc758 \uc608\uce21 \uac00\ub2a5\uc131\uc744 \ub192\uc77c \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4.<br>\uae08\ub9ac \ubcc0\ub3d9\uc131 \uac10\uc18c\uc640 \uc778\ud50c\ub808\uc774\uc158 \ub454\ud654 \uac00\ub2a5\uc131, \uadf8\ub9ac\uace0 \uc774\ubbf8 \ub192\uc740 \uc218\uc775\ub960\uc774 \ubc18\uc601\ub41c \uc0c1\ud669\uc740 CER \ucc44\uad8c \ubc0f \ubcc0\ub3d9\uae08\ub9ac \uc0c1\ud488\uc758 \ub9e4\ub825\uc744 \ub0ae\ucd94\uace0 \uc788\ub2e4. \ud2b9\ud788 \uc7a5\uae30 \uad6c\uac04\uc5d0\uc11c \uc774\ub7ec\ud55c \uacbd\ud5a5\uc774 \ub450\ub4dc\ub7ec\uc9c4\ub2e4.<br>3\uc6d4\uc5d0\ub294 \uace0\uc815\uae08\ub9ac \uc0c1\ud488\uc758 \uc0c1\ub300\uc801 \ub9e4\ub825\uc774 \uc99d\uac00\ud588\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc774 \uacc4\uc18d \ud558\ub77d\ud560 \uacbd\uc6b0, Repo(\ud658\ub9e4\uc870\uac74\ubd80\ucc44\uad8c) \uc2dc\uc7a5 \uae30\uc900\uae08\ub9ac\ub3c4 \ud558\ub77d\ud558\uba70 \ud398\uc18c \uae08\ub9ac \uace1\uc120\uc5d0 \ucd94\uac00\uc801\uc778 \uc555\ucd95\uc774 \ubc1c\uc0dd\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4. \uc774\ub294 \uc774\uc790 \uc218\uc775\ubfd0 \uc544\ub2c8\ub77c \uac00\uaca9 \uc0c1\uc2b9\uc5d0 \ub530\ub978 \uc790\ubcf8\uc774\uc775 \uae30\ud68c\ub97c \uc81c\uacf5\ud55c\ub2e4.<br>\uc774\ubc88 \uc785\ucc30\uc5d0\uc11c\ub294 \uc778\ud50c\ub808\uc774\uc158(CER)\uacfc \ubcc0\ub3d9\uae08\ub9ac(TAMAR+3%) \uc911 \ub354 \ub192\uc740 \uac12\uc744 \uc801\uc6a9\ud558\ub294 \uc0c8\ub85c\uc6b4 \uc774\uc911 \uad6c\uc870 \uc0c1\ud488\ub3c4 \ub3c4\uc785\ub418\uc5c8\ub2e4. \uc774\ub294 \ub2e4\uc591\ud55c \uc2dc\ub098\ub9ac\uc624\uc5d0 \ub300\ud55c \ud558\uc774\ube0c\ub9ac\ub4dc \ud5e4\uc9c0\ub97c \uc81c\uacf5\ud55c\ub2e4.<br>\uc815\ubd80 \uc785\uc7a5\uc5d0\uc11c\ub294 \uc778\ud50c\ub808\uc774\uc158\uacfc \uae08\ub9ac\uac00 \uc2dc\uc7a5 \uae30\ub300\ubcf4\ub2e4 \ub354 \ud06c\uac8c \ud558\ub77d\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub420 \ub54c \uc774\ub7ec\ud55c \uc0c1\ud488 \ubc1c\ud589\uc774 \ud569\ub9ac\uc801\uc774\ub2e4. \uc774\ub97c \ud1b5\ud574 \ubcf4\ub2e4 \ubcf4\uc218\uc801\uc778 \uae30\ub300\ub97c \uac00\uc9c4 \ud22c\uc790\uc790\ub85c\ubd80\ud130 \uc790\uae08\uc744 \uc870\ub2ec\ud558\uba74\uc11c, \uc2e4\uc81c \uae08\ub9ac \ube44\uc6a9\uc744 \ub0ae\ucd9c \uc218 \uc788\ub2e4.<br>\uc804\ub7b5\uc801\uc73c\ub85c \uc774\ub294 \ud5e4\uc9c0 \ube44\uc6a9\uc744 \uc9c0\ubd88\ud558\ub294 \uad6c\uc870\uc9c0\ub9cc, \uae30\ub300 \uc778\ud50c\ub808\uc774\uc158\uc758 \ubcc0\ub3d9\uc131\uc744 \uace0\ub824\ud560 \ub54c \ub9e4\ub825\uc801\uc778 \uc120\ud0dd\uc774 \ub420 \uc218 \uc788\uc73c\uba70, \ud2b9\ud788 \ub9cc\uae30\uac00 2029\ub144\uc5d0 \ub3c4\ub2ec\ud55c\ub2e4\ub294 \uc810\uc5d0\uc11c \ub354\uc6b1 \uc911\uc694\ud558\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\uc8fc\uac04 \ubcf4\uace0\uc11c<\/p>\n","protected":false},"author":6,"featured_media":12510,"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-12509","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\/12509","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=12509"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12509\/revisions"}],"predecessor-version":[{"id":12511,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12509\/revisions\/12511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/12510"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}