{"id":12932,"date":"2026-06-02T17:45:57","date_gmt":"2026-06-02T20:45:57","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=12932"},"modified":"2026-06-02T17:54:43","modified_gmt":"2026-06-02T20:54:43","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c06%ec%9b%94-02%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=12932","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(06\uc6d4 02\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. \uc138\uc218 9\uac1c\uc6d4 \uac10\uc18c \ub05d\uc5d0 5\uc6d4 \uc99d\uac00
    \uc138\uc218\ub294 9\uac1c\uc6d4 \uc5f0\uc18d \uac10\uc18c\uc138\ub97c \ub04a\uace0 5\uc6d4\uc5d0 \ud68c\ubcf5 \uc870\uc9d0\uc744 \ubcf4\uc600\ub2e4. \uc138\uad00\u00b7\uad6d\uc138 \uc9d5\uc218\uccad(ARCA)\uc5d0 \ub530\ub974\uba74 5\uc6d4 \uc138\uc218\ub294 21\uc870 5\ucc9c\uc5b5 \ud398\uc18c\uc5d0 \ub3c4\ub2ec\ud588\ub2e4. \uc774\ub294 2025\ub144 \uac19\uc740 \ub2ec \ub300\ube44 \uc2e4\uc9c8 \uae30\uc900 1.4~1.7% \uc99d\uac00\ud55c \uc218\uce58\ub2e4.
    \uc774\ubc88 \ubc18\ub4f1\uc758 \uac00\uc7a5 \ud070 \uc6d0\ub3d9\ub825\uc740 \ubc95\uc778\uc138(\uc18c\ub4dd\uc138)\uc600\ub2e4. \ubc95\uc778\uc138\ub294 8\uc870 \ud398\uc18c\ub97c \uae30\ub85d\ud558\uba70 \uc804\ub144 \ub300\ube44 26% \uc99d\uac00\ud588\ub2e4. \uc774\ub294 \uacb0\uc0b0\uc6d4\uc774 12\uc6d4\uc778 \uae30\uc5c5\ub4e4\uc758 \ubc95\uc778\uc138 \uc2e0\uace0 \ubc0f \ub0a9\ubd80 \uc2dc\uae30\uc640 \ub9de\ubb3c\ub9b0 \uacb0\uacfc\ub2e4.
    ARCA\ub294 \uc774\ub7ec\ud55c \uacb0\uacfc\uac00 \uc804\ub144\ub3c4\uc640\uc758 \ube44\uad50 \uae30\uc900\uc774 \ub0ae\uc558\uae30 \ub54c\ubb38\uc774\ub77c\uace0 \uc124\uba85\ud588\ub2e4. 2024\ub144\uc5d0\ub294 2023\ub144\uc758 \ub192\uc740 \uae30\uc5c5 \uc218\uc775\uc744 \ubc14\ud0d5\uc73c\ub85c \uc120\ub0a9\uc138\uac00 \ud06c\uac8c \ubd80\uacfc\ub418\uba74\uc11c \uc2e4\uc81c \ub0a9\ubd80 \uc794\uc561\uc774 \uc904\uc5b4\ub4e4\uc5c8\ub2e4. \uadf8 \uacb0\uacfc \uc62c\ud574\ub294 \uae30\uc5c5 \ubd80\ubb38\uc758 \uc2e4\uc801 \ub355\ubd84\uc5d0 \uad6d\uac00 \uc7ac\uc815\uc774 \uc228\ud1b5\uc744 \ud2b8\uac8c \ub418\uc5c8\uace0, \uc138\uc218 \uac10\uc18c \ucd94\uc138\ub3c4 \uc911\ub2e8\ub418\uc5c8\ub2e4.<\/li>\n\n\n\n
  2. \uc5ed\ub0b4 \uc2dc\uc7a5 \ud638\uc870\uc640 \uc7ac\uc815 \uc9c0\ud45c\uac00 \uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc0b0 \uc0c1\uc2b9 \uacac\uc778
    \ucf5c\ub86c\ube44\uc544 \uc2dc\uc7a5\uc758 \uc0c1\uc2b9\uc740 \uc2e0\ud765\uad6d \uc9c0\uc218\ub97c 2.2% \ub04c\uc5b4\uc62c\ub838\uace0, \uc544\ub974\ud5e8\ud2f0\ub098 \uae08\uc735\uc2dc\uc7a5\uc5d0\ub3c4 \uc9c1\uc811\uc801\uc778 \ud638\uc7ac\uac00 \ub418\uc5c8\ub2e4. \ud22c\uc790\uc790\ub4e4\uc740 \ud398\ub8e8\uc640 \ucf5c\ub86c\ube44\uc544\uc758 \uc815\uce58 \ud658\uacbd \uac1c\uc120, \uadf8\ub9ac\uace0 \uc911\ub3d9 \uc704\uae30\ub85c \uc778\ud574 \uc548\uc804\uc790\uc0b0 \uc120\ud638\uac00 \uc57d\ud654\ub41c \uc0c1\ud669\uc744 \ubc30\uacbd\uc73c\ub85c \ub0a8\ubbf8 \uc9c0\uc5ed\uc5d0 \ud22c\uc790\ud588\ub2e4.
    \uc804\ud1b5\uc801\uc778 \uc548\uc804\uc790\uc0b0\uc740 \ubd80\uc9c4\ud588\ub2e4. \uae08 \uac00\uaca9\uc740 \ud558\ub77d\ud588\uace0 \ubbf8\uad6d 10\ub144\ubb3c \uad6d\ucc44 \uc218\uc775\ub960\uc740 4.45% \uc218\uc900\uc73c\ub85c \uc720\uc9c0\ub418\uba74\uc11c \ubbf8\uad6d\uc758 \uc778\ud50c\ub808\uc774\uc158\uacfc \uacbd\uae30\uce68\uccb4 \uc6b0\ub824\ub97c \ubc18\uc601\ud588\ub2e4.
    \uc774\ub7f0 \ud658\uacbd \uc18d\uc5d0\uc11c \uc544\ub974\ud5e8\ud2f0\ub098 S&P Merval \uc9c0\uc218\ub294 \ud398\uc18c \uae30\uc900 2.41% \uc0c1\uc2b9\ud588\uc73c\uba70, YPF\uc640 \uc740\ud589\uc8fc\uac00 \uc0c1\uc2b9\uc744 \uc8fc\ub3c4\ud588\ub2e4. \ud55c\ud3b8 \uad6d\ucc44\ub294 0.6% \uc0c1\uc2b9\ud588\ub2e4.
    \uc774\ub85c \uc778\ud574 \uad6d\uac00\uc704\ud5d8\ub3c4\ub294 490bp\uae4c\uc9c0 \ud558\ub77d\ud588\ub2e4. \uad6d\ub0b4\uc801\uc73c\ub85c\ub294 Lecap \ucc44\uad8c \uae08\ub9ac\uac00 \uacc4\uc18d \ud558\ub77d\ud588\uace0 \ud22c\uc790\uc2ec\ub9ac\ub3c4 \uac1c\uc120\ub418\uc5c8\ub294\ub370, \uc774\ub294 \uc138\uc218 \uac10\uc18c\uac00 9\uac1c\uc6d4 \ub9cc\uc5d0 \uba48\ucd98 \uc601\ud5a5\uc774 \ucef8\ub2e4.
    \ub2e4\ub9cc \ubd80\uac00\uac00\uce58\uc138(IVA) \uc138\uc218\ub294 \uc5ec\uc804\ud788 3.1% \uac10\uc18c\ud558\uace0 \uc788\uc5b4 \uae08\uc735\uac00\uc5d0\uc11c\ub294 \uacbd\uacc4\uc2ec\uc774 \ub0a8\uc544 \uc788\ub2e4.
    \uc774\uc640\uad00\ub828 Infobae \uc9c0\ub294 \ub2e4\uc74c\uacfc \uac19\uc774 \ubd84\uc11d\ud588\ub2e4.
    \u201c\uacf5\uacf5\ubd80\ucc44 \uc0c1\ud669 \uac1c\uc120\uc740 \uc911\uc559\uc740\ud589\uc758 \uc9c0\uc18d\uc801\uc778 \ub2ec\ub7ec \ub9e4\uc785\uacfc \uc5f0\uad00\ub418\uc5b4 \uc788\ub2e4. \uc678\ud658\ubcf4\uc720\uc561\uc774 2019\ub144 \uc774\ud6c4 \ucc98\uc74c\uc73c\ub85c 480\uc5b5 \ub2ec\ub7ec\ub97c \ub118\uc5b4\uc130\ub2e4. IMF\uc758 \uae0d\uc815\uc801 \ud3c9\uac00\uc640 \ubbf8\uad6d \uad6d\ucc44\uae08\ub9ac \uc0c1\uc2b9(\uc5f0 5%\uc5d0 \uadfc\uc811)\ub3c4 \uad6d\ub0b4 \uae08\ub9ac\uc640\uc758 \ucc28\uc774\ub97c \ucd95\uc18c\uc2dc\ud0a4\ub294 \ud575\uc2ec \uc694\uc778\uc73c\ub85c \uc791\uc6a9\ud588\ub2e4.\u201d<\/li>\n\n\n\n
  3. 6\uc6d4 \ud658\uc728 \uc0c1\uc2b9\uc138 \ucd9c\ubc1c, \uc911\uc559\uc740\ud589 Bopreal \ucc44\uad8c \uc0c1\ud658
    6\uc6d4 \uc678\ud658\uc2dc\uc7a5\uc740 \ubaa8\ub4e0 \ud658\uc728\uc774 \uc0c1\uc2b9\ud558\uba70 \uc2dc\uc791\ub418\uc5c8\ub2e4.
    \ub3c4\ub9e4\ud658\uc728\uc740 1.3% \uc62c\ub77c 1\ub2ec\ub7ec\ub2f9 1,426\ud398\uc18c\uac00 \ub418\uc5c8\uace0, Banco Naci\u00f3n\uc758 \uc18c\ub9e4\ud658\uc728\uc740 1.05% \uc0c1\uc2b9\ud574 1,445\ud398\uc18c\ub97c \uae30\ub85d\ud588\ub2e4.
    \uae08\uc735 \ub2ec\ub7ec\ub3c4 \uac19\uc740 \ud750\ub984\uc744 \ubcf4\uc600\ub2e4.<\/li>\n<\/ol>\n\n\n\n
      \n
    • CCL \ud658\uc728\uc740 0.2% \uc0c1\uc2b9\ud558\uc5ec 1,491\ud398\uc18c, MEP \ud658\uc728\uc740 0.3% \uc0c1\uc2b9\ud558\uc5ec 1,438.6\ud398\uc18c\uc5d0 \uac70\ub798\ub410\ub2e4.
      \uc2dc\uc7a5\uc740 \ub300\ub450 \uc218\ud655\ubb3c \ub9e4\uac01\uc774 \ub05d\ub098\ub294 \uc2dc\uc810\uc5d0 \uc774\ub7ec\ud55c \uc0c1\uc2b9\uc138\uac00 \uacc4\uc18d\ub420\uc9c0 \uc8fc\ubaa9\ud558\uace0 \uc788\ub2e4.
      \ud55c\ud3b8 \uc911\uc559\uc740\ud589(BCRA)\uc740 Bopreal \uc2dc\ub9ac\uc988 3 \ub9cc\uae30 \uc0c1\ud658\uc744 \uc704\ud574 10\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc744 \uc9c0\uae09\ud588\ub2e4.
      \uc774 \ub300\uaddc\ubaa8 \uc0c1\ud658\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc678\ud658\ubcf4\uc720\uc561\uc740 1\uc5b5 7,700\ub9cc \ub2ec\ub7ec \uc99d\uac00\ud558\uc5ec 483\uc5b5 6,800\ub9cc \ub2ec\ub7ec\ub85c \ub9c8\uac10\ud588\ub2e4.
      \uc911\uc559\uc740\ud589\uc740 \uc2dc\uc7a5\uc5d0\uc11c 5,500\ub9cc \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud588\uace0, \uc740\ud589\ub4e4\uc758 \uae30\uc220\uc801 \ud3ec\uc9c0\uc158 \uc7ac\uc870\uc815\uc774 \uc0c1\ud658 \uc601\ud5a5\uc744 \uc0c1\uc1c4\ud588\ub2e4.
      \uc2e4\uc81c\ub85c \ud574\uc678\ub85c \uc1a1\uae08\ub418\uc5b4 \uc989\uc2dc \uc720\ucd9c\ub41c \uae08\uc561\uc740 5,200\ub9cc \ub2ec\ub7ec\uc5d0 \ubd88\uacfc\ud588\ub2e4.
      \uc77c\ubd80 \ubd84\uc11d\uac00\ub4e4\uc740 \uc7ac\ubb34\uccad\uc774 \uacf5\uc2dd \uc678\ud658\ubcf4\uc720\uace0\uc5d0 \ub300\ud55c \ucda9\uaca9\uc744 \uc644\ud654\ud558\uae30 \uc704\ud574 \ud398\uc18c \uc790\uae08\uc744 \uc9c0\uc6d0\ud588\uc744 \uac00\ub2a5\uc131\uc744 \uc81c\uae30\ud558\uace0 \uc788\ub2e4.<\/li>\n<\/ul>\n\n\n\n
        \n
      1. \uc815\ubd80, \ub178\ub3d9\uc9c0\uc6d0\uae30\uae08(FAL) \uc2dc\ud589\ub839 \ubc1c\ud45c
        \uc815\ubd80\ub294 \ucd5c\uadfc \ub178\ub3d9\uac1c\ud601\uc758 \ud575\uc2ec\uc778 \ub178\ub3d9\uc9c0\uc6d0\uae30\uae08(FAL)\uc758 \uc2dc\ud589 \uaddc\uc815\uc744 \uacf5\uc2dd \ubc1c\ud45c\ud588\ub2e4.
        \uc774 \uc81c\ub3c4\ub294 2026\ub144 11\uc6d4 1\uc77c\ubd80\ud130 \uc2dc\ud589\ub418\uba70 \uae30\uc874 \ud1f4\uc9c1\uae08 \uc81c\ub3c4\ub97c \ubbfc\uac04 \uc790\ubcf8\uc801\ub9bd \ubc29\uc2dd\uc73c\ub85c \ub300\uccb4\ud55c\ub2e4.
        \uc774\ud6c4 \uae30\uc5c5\ub4e4\uc740 \ub0a9\ubd80\uae08\uc744 \uad6d\uac00\uc99d\uad8c\uc704\uc6d0\ud68c(CNV) \uac10\ub3c5 \uc544\ub798\uc758 \uacf5\ub3d9\ud22c\uc790\ud380\ub4dc(FCI) \ubc0f \uae08\uc735\uc2e0\ud0c1\uc5d0 \uc801\ub9bd\ud558\uac8c \ub41c\ub2e4.
        \uc774 \ubcc0\ud654\ub294 \uad6d\ub0b4 \uc790\ubcf8\uc2dc\uc7a5\uc5d0 \uc9c0\uc18d\uc801\uc73c\ub85c \uc790\uae08\uc744 \uacf5\uae09\ud560 \uac83\uc73c\ub85c \uae30\ub300\ub41c\ub2e4.
        ARCA\uc640 \ub178\ub3d9\ubd80\ub294 \uc81c\ub3c4 \uc6b4\uc601 \uaddc\uc815\uc744 \ub9c8\ub828\ud558\uae30 \uc704\ud574 45\uc601\uc5c5\uc77c\uc758 \uc900\ube44 \uae30\uac04\uc744 \uac16\ub294\ub2e4.
        \uc2dc\uc7a5 \uc804\ubb38\uac00\ub4e4\uc740 \ub300\uaddc\ubaa8 \ubbfc\uac04 \uc790\uae08\uc774 \uae08\uc735\uc2dc\uc7a5\uc5d0 \uc720\uc785\ub420 \uac83\uc73c\ub85c \uc804\ub9dd\ud558\uace0 \uc788\ub2e4.
        \uc774\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uae08\uc735\uc790\uc0b0 \uc218\uc694 \uc99d\uac00\uc5d0 \uae0d\uc815\uc801\uc778 \uc601\ud5a5\uc744 \uc904 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.
        \uae30\uc5c5\ub4e4\uc758 \uc720\ub3d9\uc131\uc740 \ub2e4\uc74c\uacfc \uac19\uc740 \uae08\uc735\uc0c1\ud488\uc73c\ub85c \ud22c\uc790\ub420 \uc804\ub9dd\uc774\ub2e4.<\/li>\n<\/ol>\n\n\n\n
          \n
        • Lecap \u2022 Boncap \u2022 CER \uc5f0\ub3d9 \ucc44\uad8c \u2022 \ud68c\uc0ac\ucc44(ON) \u2022 \uc8fc\uc2dd \ub4f1\uc774\ub2e4.<\/li>\n<\/ul>\n\n\n\n
            \n
          1. \ub18d\uc0b0\ubb3c \ub2ec\ub7ec \uc720\uc785 5\uc6d4 7% \uc99d\uac00, \uc5f0\uac04 \ub204\uacc4\ub294 \uac10\uc18c
            \ub18d\uc0b0\ubb3c \uc218\ucd9c \ubd80\ubb38\uc758 \uc678\ud654 \uc720\uc785\uc561\uc740 5\uc6d4\uc5d0 26\uc5b5 7,700\ub9cc \ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4.
            \uc774\ub294 4\uc6d4 \ub300\ube44 7% \uc99d\uac00\ud55c \uc218\uce58\ub2e4.
            \uc774 \uc790\ub8cc\ub294 \uace1\ubb3c\uc218\ucd9c\ud611\ud68c(CEC)\uc640 \uc720\uc9c0\uc0b0\uc5c5\ud611\ud68c(CIARA)\uc758 \ucd5c\uc2e0 \ubcf4\uace0\uc11c\uc5d0 \ub530\ub978 \uac83\uc774\ub2e4.
            \uc6d4\uac04 \uc99d\uac00\uc758 \uc8fc\uc694 \uc6d0\uc778\uc740 \ub300\ub450 \uc218\ud655\uc774 \ubcf8\uaca9\ud654\ub418\uba74\uc11c \ud56d\uad6c\ub85c \ud5a5\ud558\ub294 \ud2b8\ub7ed \uc6b4\ud589\uc774 \uc99d\uac00\ud588\uae30 \ub54c\ubb38\uc774\ub2e4.
            \uadf8\ub7ec\ub098 \uc62c\ud574 \uccab 5\uac1c\uc6d4 \ub204\uc801 \uc2e4\uc801\uc740 \ub2e4\ub978 \ubaa8\uc2b5\uc744 \ubcf4\uc778\ub2e4.
            1\uc6d4\ubd80\ud130 5\uc6d4\uae4c\uc9c0 \uc720\uc785\ub41c \uc678\ud654\ub294 103\uc5b5 4,300\ub9cc \ub2ec\ub7ec\ub85c, 2025\ub144 \uac19\uc740 \uae30\uac04 \ub300\ube44 12% \uac10\uc18c\ud588\ub2e4.
            \uc5c5\uacc4\ub294 \uc774\ub7ec\ud55c \uac10\uc18c\uac00 \uad6d\uc81c \uace1\ubb3c \uac00\uaca9 \ud558\ub77d\uc5d0 \uc8fc\ub85c \uae30\uc778\ud55c\ub2e4\uace0 \uc124\uba85\ud55c\ub2e4.
            \uadf8\ub7fc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc911\uc7a5\uae30 \uc804\ub9dd\uc740 \uc5ec\uc804\ud788 \uae0d\uc815\uc801\uc774\ub2e4.
            \uc815\ubd80\ub294 2025\/2026 \ub18d\uc5c5 \uc0dd\uc0b0\ub7c9\uc774 1\uc5b5 6,320\ub9cc \ud1a4\uc5d0 \ub2ec\ud574 \uc0ac\uc0c1 \ucd5c\ub300 \uae30\ub85d\uc744 \uc138\uc6b8 \uac83\uc73c\ub85c \uc608\uc0c1\ud558\uace0 \uc788\ub2e4.
            \uc774\ub294 \uc9c1\uc804 \uc791\ud669\ubcf4\ub2e4 21.25% \ub9ce\uc740 \uaddc\ubaa8\uc774\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

            \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":12938,"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-12932","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\/12932","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=12932"}],"version-history":[{"count":2,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12932\/revisions"}],"predecessor-version":[{"id":12941,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12932\/revisions\/12941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/12938"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}