{"id":13443,"date":"2026-07-06T17:22:04","date_gmt":"2026-07-06T20:22:04","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=13443"},"modified":"2026-07-06T17:22:05","modified_gmt":"2026-07-06T20:22:05","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c07%ec%9b%94-06%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=13443","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(07\uc6d4 06\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. \uc815\ubd80 \uacf5\uc2dd \uae08\uc735\uacc4\ud68d, \uc2dc\uc7a5 \ubd88\ud655\uc2e4\uc131 \ud574\uc18c \uc804\ub7b5
    \uc7ac\ubb34\uccad\uc740 \uc624\ub298 \ud558\ube44\uc5d0\ub974 \ubc00\ub808\uc774 \ub300\ud1b5\ub839 \uc784\uae30 \ub9d0\uae4c\uc9c0 \uad6d\uac00\ubd80\ucc44\ub97c \uc548\uc815\uc801\uc73c\ub85c \uc0c1\ud658\ud558\uae30 \uc704\ud55c \uc885\ud569 \uae08\uc735\uc804\ub7b5\uc744 \ubc1c\ud45c\ud560 \uc608\uc815\uc774\ub2e4.
    \uac00\uc7a5 \uc2dc\uae09\ud55c \uacfc\uc81c\ub294 \ubbfc\uac04 \ucc44\uad8c\uc790\ub4e4\uc5d0\uac8c \uc0c1\ud658\ud574\uc57c \ud558\ub294 43\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \uc678\ud654\ucc44 \ub9cc\uae30\uc774\ub2e4. \uc774\ub97c \uc704\ud574 \ub8e8\uc774\uc2a4 \uce74\ud478\ud1a0 \uc7ac\ubb34\uc7a5\uad00\uc740 \ud658\ub9e4\uc870\uac74\ubd80\ucc44\uad8c (REPO), \uad6d\ub0b4 \uad6d\ucc44 \uc785\ucc30, \ub2e4\uc790\uac04 \uae08\uc735\uae30\uad6c \ucc28\uc785\uc744 \uae30\ubc18\uc73c\ub85c \ud55c \ubcf4\uc218\uc801\uc778 \uc790\uae08\uc870\ub2ec \uacc4\ud68d\uc744 \ub9c8\ub828\ud588\ub2e4.
    \uc774 \uacc4\ud68d\uc740 2026\ub144 \ub3d9\uc548 \uc678\ud658\ubcf4\uc720\uc561\uc744 \ucd95\uc801\ud558\uc5ec \uc774\ud6c4 \uc218\ub144\uac04\uc758 \ucc44\ubb34\ub97c \uc5ec\uc720 \uc788\uac8c \uc0c1\ud658\ud558\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud55c\ub2e4.
    \uc815\ubd80\ub294 \uc911\uae30\uc801\uc73c\ub85c \ud544\uc694\ud55c \uc790\uae08\uc870\ub2ec\uc774 \ubaa8\ub450 \ud655\ubcf4\ub418\uc5c8\uc74c\uc744 \uc2dc\uc7a5\uc5d0 \ubcf4\uc5ec\uc8fc\uc5b4 \ub192\uc740 \uae08\ub9ac\uc758 \uad6d\uc81c\uae08\uc735\uc2dc\uc7a5 \uc758\uc874\ub3c4\ub97c \ub0ae\ucd94\ub824 \ud558\uace0 \uc788\ub2e4.
    \uc774\ub7ec\ud55c \uc608\uce21 \uac00\ub2a5\uc131\uc740 \uc774\ubbf8 \ud22c\uc790\uc790 \uc2e0\ub8b0 \uac1c\uc120\uc73c\ub85c \uc774\uc5b4\uc84c\uc73c\uba70, \uad6d\uac00\uc704\ud5d8\ub3c4\ub294 \uc57d 415bp \uc218\uc900\uae4c\uc9c0 \ud558\ub77d\ud588\ub2e4.
    \uc815\ubd80 \uad00\uacc4\uc790\ub294 \ub9cc\uae30 \uc77c\uc815\uc774 \uc815\ub9ac\ub418\uba74 \uc678\ud658\uc2dc\uc7a5 \ubd88\ud655\uc2e4\uc131\uc774 \uc904\uc5b4\ub4e4\uace0 \uc778\ud50c\ub808\uc774\uc158 \ub454\ud654 \ucd94\uc138\ub3c4 \ub354\uc6b1 \uacf5\uace0\ud574\uc9c8 \uac83\uc73c\ub85c \uae30\ub300\ud558\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  2. \uc7ac\ubb34\uccad, 7\uc6d4 16\uc870 \ud398\uc18c \uc0c1\ud658\uc758 \uc0c8\ub85c\uc6b4 \uc2dc\ud5d8\ub300
    \uacbd\uc81c\ubd80\ub294 \uc774\ubc88 \ub2ec \uc57d 16\uc870 \ud398\uc18c \uaddc\ubaa8\uc758 \ud398\uc18c\ud654 \ud45c\uc2dc \uad6d\ucc44 \ub9cc\uae30\ub97c \ub9de\uc774\ud55c\ub2e4. \ub300\ubd80\ubd84\uc740 \ubbfc\uac04 \ud22c\uc790\uc790\uac00 \ubcf4\uc720\ud558\uace0 \uc788\ub2e4.
    \uc774\ub294 \uc7ac\ubb34\uccad\uc774 6\uc6d4 \uad6d\ucc44 \uc785\ucc30\uc5d0\uc11c 81%\uc758 \ucc28\ud658 \ube44\uc728\ub9cc \ub2ec\uc131\ud558\uba70 \uc77c\ubd80 \uc720\ub3d9\uc131\uc744 \uc2dc\uc7a5\uc5d0 \ud658\uc6d0\ud55c \uc774\ud6c4 \ub9de\uc774\ud558\ub294 \uc77c\uc815\uc774\ub2e4.
    \uc2dc\uc7a5 \uc804\ubb38\uac00\ub4e4\uc740 \uc774\ub97c \uc815\ubd80\uac00 \uc2dc\uc911\uc5d0 \uc790\uae08\uc744 \uacf5\uae09\ud574 \uc740\ud589\uc758 \ubbfc\uac04\ub300\ucd9c\uc744 \ud655\ub300\ud558\ub3c4\ub85d \uc720\ub3c4\ud558\ub294 \uc804\ub7b5\uc73c\ub85c \ud574\uc11d\ud55c\ub2e4. \uc774\ub294 \ubcf4\ub108\uc2a4 \uc9c0\uae09\uacfc \uae30\uc5c5\ub4e4\uc758 \uac01\uc885 \uacb0\uc81c\ub85c \uc778\ud574 \uacc4\uc808\uc801\uc73c\ub85c \uc790\uae08 \uc218\uc694\uac00 \uc99d\uac00\ud558\ub294 \uc2dc\uae30\uc774\uae30 \ub54c\ubb38\uc774\ub2e4.
    \ub0a8\uc740 \uc720\ub3d9\uc131\uc740 \uc77c\uc2dc\uc801\uc73c\ub85c 2\ucc28 \uc2dc\uc7a5\uc5d0\uc11c \uad6d\ucc44 \ub9e4\uc785\uc73c\ub85c \uc774\uc5b4\uc838 LECAP \ucc44\uad8c \uac00\uaca9\uc744 \uc0c1\uc2b9\uc2dc\ud0a4\uace0 \uae08\ub9ac\ub294 \uc18c\ud3ed \ud558\ub77d\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.
    \ucd5c\uadfc \uc815\ubd80\uc758 \ub300\uaddc\ubaa8 \uad6d\ucc44 \uc785\ucc30\uc740 \uad6d\uac00\uc758 \uc870\ub2ec\ube44\uc6a9\uc744 \ub192\uc774\uc9c0 \uc54a\uc73c\uba74\uc11c\ub3c4 \uad6d\ucc44 \ub9cc\uae30\ub97c \uc7a5\uae30\ud654\ud558\ub824\ub294 \uc758\ub3c4\ub97c \ubcf4\uc5ec\uc8fc\uc5c8\ub2e4.<\/li>\n\n\n\n
  3. \uc911\uc559\uc740\ud589(BCRA), REPO \ub9cc\uae30 2028\ub144\uae4c\uc9c0 \uc5f0\uc7a5\ud574 \uae08\uc735\ube44\uc6a9 \uc808\uac10
    \uc911\uc559\uc740\ud589\uc740 \ud574\uc678 \uae08\uc735\uae30\uad00\ub4e4\uacfc \ub9fa\uc740 60\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 REPO \ucc28\uc785\uc744 2028\ub144 9\uc6d4\uae4c\uc9c0 \uc804\uba74 \ucc28\ud658\ud55c\ub2e4\uace0 \ubc1c\ud45c\ud588\ub2e4.
    \uc774\ubc88 \uc785\ucc30\uc5d0\ub294 82\uc5b55\ucc9c\ub9cc \ub2ec\ub7ec\uc758 \uc81c\uc548\uc774 \uc811\uc218\ub418\uc5c8\uc73c\uba70, \uc774\ub97c \ud1b5\ud574 \ub2e4\uc74c \uc120\uac70 \uc774\ud6c4\uae4c\uc9c0 \uc678\ud654\ucc44\ubb34 \ubd80\ub2f4\uc744 \ubbf8\ub8f0 \uc218 \uc788\uac8c \ub418\uc5c8\ub2e4.
    \uc774\ubc88 \ucc28\ud658\uc740 \uc911\uc559\uc740\ud589\uc774 \ubcf4\uc720\ud55c Bonares \uad6d\ucc44\ub97c \ub2f4\ubcf4\ub85c \uc774\ub8e8\uc5b4\uc84c\uc73c\uba70, \uc0b0\ud2f0\uc544\uace0 \ubc14\uc6b0\uc2e4\ub9ac \ucd1d\uc7ac\uac00 \uc774\ub044\ub294 \uc911\uc559\uc740\ud589\uc740 \uc138\uacc4 \uc720\uc218\uc758 \uc740\ud589 10\uacf3\uc744 \ucc38\uc5ec\uc2dc\ud0a4\ub294 \ub370 \uc131\uacf5\ud588\ub2e4.
    \ub610\ud55c \uc790\uae08\uc870\ub2ec \ube44\uc6a9\ub3c4 SOFR(\ubbf8\uad6d \ub2e8\uae30\uae08\ub9ac)+4% \uc218\uc900\uc73c\ub85c \ub0ae\ucd94\uc5c8\ub2e4.
    \uc911\uc559\uc740\ud589\uc740 \uc774\ubc88 \uc870\uce58\uac00 2026\ub144\uacfc 2027\ub144\uc758 \ub9cc\uae30\uad6c\uc870\ub97c \ud06c\uac8c \uac1c\uc120\ud558\ub294 \ub3d9\uc2dc\uc5d0 \uc678\ud654 \uc720\ub3d9\uc131\uc744 \uac15\ud654\ud558\uace0 \uc678\ud658\uc2dc\uc7a5\uc758 \uc548\uc815\uc801\uc778 \uc6b4\uc601\uc744 \uc704\ud55c \uc608\uce21 \uac00\ub2a5\uc131\uc744 \ub192\uc778\ub2e4\uace0 \uc124\uba85\ud588\ub2e4.<\/li>\n\n\n\n
  4. \uc678\ud658\ubcf4\uc720\uc561 \uc555\ubc15\u2026\ub18d\ucd95\uc0b0 \uc218\ucd9c\ub300\uae08 \uc720\uc785 \uac10\uc18c
    \uc911\uc559\uc740\ud589\uc740 \uadf8\ub3d9\uc548 120\uac70\ub798\uc77c \uc5f0\uc18d \uc678\ud658\uc744 \ub9e4\uc785\ud558\uc5ec \ucd1d 112\uc5b5 \ub2ec\ub7ec\uc758 \uc678\ud658\ubcf4\uc720\uc561\uc744 \ucd95\uc801\ud588\uc9c0\ub9cc, \ud604\uc7ac\ub294 \ud750\ub984\uc774 \ubc14\ub00c\uace0 \uc788\ub2e4.
    \uc774\ub294 \uacf5\uc2dd\ud658\uc728\uc774 1\ub2ec\ub7ec\ub2f9 1,500\ud398\uc18c\ub97c \ub118\uc5b4\uc120 \uc2dc\uc810\uacfc \ub9de\ubb3c\ub824 \ub098\ud0c0\ub09c \ubcc0\ud654\ub2e4.
    \ub18d\ucd95\uc0b0 \uc218\ucd9c \ubd80\ubb38\uc740 6\uc6d4\uc5d0 30\uc5b5 \ub2ec\ub7ec\ub97c \ud658\uc804\ud588\uc73c\uba70, \uc774\ub294 \uc804\ub144 \ub3d9\uc6d4 \ub300\ube44 18% \uac10\uc18c\ud55c \uc218\uce58\ub2e4.
    \uc62c\ud574 \uc0c1\ubc18\uae30 \ub204\uc801 \ud658\uc804\uc561\uc740 157\uc5b56,800\ub9cc \ub2ec\ub7ec\ub85c, \uc9c0\ub09c\ud574 \uac19\uc740 \uae30\uac04\ubcf4\ub2e4 14% \uac10\uc18c\ud588\ub2e4.
    \ub85c\uc0ac\ub9ac\uc624 \uc0c1\uacf5\ud68c\uc758\uc18c\uc5d0 \ub530\ub974\uba74 \uc774\ub7ec\ud55c \uac10\uc18c\ub294 \uc9c0\ub09c\ud574 \uc2dc\ud589\ub41c \uc77c\uc2dc\uc801\uc778 \uc138\uc81c \ud61c\ud0dd\uacfc \uc218\ucd9c\uc138 \uc778\ud558\ub85c \uc218\ucd9c\uc774 \uc55e\ub2f9\uaca8\uc84c\ub358 \ub370 \ub530\ub978 \ub192\uc740 \ube44\uad50 \uae30\uc900\uc758 \uc601\ud5a5\uc774\ub2e4.
    \uadf8 \uc5ec\ud30c\ub294 2026\ub144 \ucd08\uae4c\uc9c0 \uc774\uc5b4\uc838 \ud3c9\uade0 \uc774\ud558\uc758 \uc678\ud654 \uc720\uc785\uc774 \uc9c0\uc18d\ub418\uc5c8\uc73c\uba70, \uc774\uc5d0 \ub530\ub77c \uc815\ubd80\uac00 IMF\uc640 \ud569\uc758\ud55c \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801 \ubaa9\ud45c\ub97c \ub2ec\uc131\ud560 \uc218 \uc788\uc744\uc9c0 \uc2dc\uc7a5\uc758 \uc6b0\ub824\uac00 \ucee4\uc9c0\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  5. \uc6d4\uac00 \uc0c1\uc2b9, \uc720\uac00 \ud558\ub77d\u2026\uc2dc\uc7a5\uc744 \uc88c\uc6b0\ud560 \ud55c \uc8fc
    \ubbf8\uad6d \ub3c5\ub9bd\uae30\ub150\uc77c \uc5f0\ud734 \uc774\ud6c4 \uac70\ub798\ub97c \uc7ac\uac1c\ud55c \uc6d4\uac00\ub294 \uc8fc\uc694 \uc120\ubb3c\uc2dc\uc7a5\uc774 \uc18c\ud3ed \uc0c1\uc2b9\ud588\uc73c\uba70, \ub098\uc2a4\ub2e5 \uc120\ubb3c\uc740 \uc57d 1% \uc0c1\uc2b9\ud588\ub2e4.
    \uc774\ub294 6\uc6d4 \ubbf8\uad6d \uace0\uc6a9\uc9c0\ud45c\uac00 \uc608\uc0c1\ubcf4\ub2e4 \ubd80\uc9c4\ud558\uac8c \ubc1c\ud45c\ub418\uba74\uc11c \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uc758 \ucd94\uac00 \uae08\ub9ac\uc778\uc0c1 \uac00\ub2a5\uc131\uc774 \ub0ae\uc544\uc84c\uae30 \ub54c\ubb38\uc774\ub2e4.
    \ubc18\uba74 \uc720\ub7fd\uacfc \uc544\uc2dc\uc544 \uc99d\uc2dc\ub294 \ub300\ubd80\ubd84 \ud558\ub77d\uc138\ub97c \ubcf4\uc774\uace0 \uc788\uc73c\uba70, \uc2dc\uc7a5\uc740 \ubbf8\uad6d \uacbd\uc81c \uc0c1\ud669\uc744 \uac00\ub2a0\ud560 6\uc6d4 ISM \uc11c\ube44\uc2a4\uc5c5\uc9c0\uc218(50 \uc774\uc0c1\uc740 \ud655\uc7a5, \uc774\ud558\ub294 \ucd95\uc18c) \ubc1c\ud45c\ub97c \uc8fc\ubaa9\ud558\uace0 \uc788\ub2e4.
    \uad6d\uc81c\uc720\uac00\ub294 \ud558\ub77d\uc138\ub97c \ub098\ud0c0\ub0c8\ub2e4. \ube0c\ub80c\ud2b8\uc720\ub294 \ubc30\ub7f4\ub2f9 \uc57d 71.9\ub2ec\ub7ec\uc5d0\uc11c \uac70\ub798\ub418\uace0 \uc788\uc73c\uba70, OPEC+\uac00 8\uc6d4\ubd80\ud130 \ud558\ub8e8 18\ub9cc8\ucc9c \ubc30\ub7f4 \uc99d\uc0b0\uc744 \ubc1c\ud45c\ud55c \uac83\uc774 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4.
    \ub610\ud55c \uc911\ub3d9 \uae34\uc7a5 \uc774\ud6c4 \ud638\ub974\ubb34\uc988 \ud574\ud611\uc758 \ud574\uc0c1 \uc6b4\uc1a1\uc774 \uc815\uc0c1\ud654\ub418\uba74\uc11c \uc138\uacc4 \uc6d0\uc720 \uacf5\uae09 \ubd80\uc871\uc5d0 \ub300\ud55c \uc6b0\ub824\ub3c4 \uc644\ud654\ub418\uace0 \uc788\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":13444,"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-13443","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\/13443","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=13443"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/13443\/revisions"}],"predecessor-version":[{"id":13445,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/13443\/revisions\/13445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/13444"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}