{"id":14291,"date":"2025-08-27T13:38:24","date_gmt":"2025-08-27T13:38:24","guid":{"rendered":"https:\/\/kursora.com\/?p=14291"},"modified":"2026-01-24T20:40:56","modified_gmt":"2026-01-24T20:40:56","slug":"politika-ceske-narodni-banky-a-urokove-sazby","status":"publish","type":"post","link":"https:\/\/kursora.com\/pt_br\/politika-ceske-narodni-banky-a-urokove-sazby\/","title":{"rendered":"Politika \u010cesk\u00e9 n\u00e1rodn\u00ed banky a \u00farokov\u00e9 sazby"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong>Chcete kartu pro v\u0161echny p\u0159\u00edle\u017eitosti?<\/strong><\/p>\n\n\n<div class=\"lazyblock-cta-links-maior-3-botoes-2-1t8w8p wp-block-lazyblock-cta-links-maior-3-botoes-2\">\r\n<div class=\"mt-8\">       \r\n    <div class=\"flex flex-col gap-2 mt-5\">\r\n                    \r\n            <a style=\"padding-top: 20px !important;padding-bottom: 20px !important;\" class=\"flex justify-between items-center pl-4 pr-3 py-3 bg-custom rounded-lg text-white uppercase text-sm font-medium\" href=\"https:\/\/kursora.com\/cs\/ceska-sporitelna-kreditni-karta-vyhody-a-tipy\/\" aria-label=\"\u010cesk\u00e1 spo\u0159itelna Kreditn\u00ed karta\">\r\n                \u010cesk\u00e1 spo\u0159itelna Kreditn\u00ed karta                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\"><title>circle-ctrl-right<\/title><g fill=\"#F7F7F7\"><path d=\"M24,12A12,12,0,1,0,12,24,12.013,12.013,0,0,0,24,12ZM10.293,16.707a1,1,0,0,1,0-1.414L13.586,12,10.293,8.707a1,1,0,1,1,1.414-1.414l4,4a1,1,0,0,1,0,1.414l-4,4a1,1,0,0,1-1.414,0Z\" fill=\"#F7F7F7\"><\/path><\/g><\/svg>\r\n            <\/a>\r\n\r\n            <p class=\"text-sm text-gray-600 pl-4\">\r\n                Voc\u00ea continuar\u00e1 no mesmo site            <\/p>\r\n            <\/div>\r\n<\/div>\r\n<\/div>\n\n\n<p>\u010cesk\u00e1 n\u00e1rodn\u00ed banka (\u010cNB) je centr\u00e1ln\u00ed bankou \u010cesk\u00e9 republiky a pat\u0159\u00ed mezi nejd\u016fle\u017eit\u011bj\u0161\u00ed instituce hospod\u00e1\u0159sk\u00e9ho syst\u00e9mu zem\u011b. Jej\u00ed rozhodnut\u00ed ovliv\u0148uj\u00ed nejen finan\u010dn\u00ed trhy a bankovn\u00ed sektor, ale tak\u00e9 ka\u017edodenn\u00ed \u017eivot ob\u010dan\u016f \u2013 od v\u00fd\u0161e hypot\u00e9k a spot\u0159ebitelsk\u00fdch \u00fav\u011br\u016f a\u017e po \u00faspory, investice a hodnotu \u010desk\u00e9 koruny.<\/p>\n\n\n\n<p>Jedn\u00edm z hlavn\u00edch n\u00e1stroj\u016f, kter\u00fd \u010cNB pou\u017e\u00edv\u00e1 k dosa\u017een\u00ed sv\u00e9ho c\u00edle \u2013 tedy cenov\u00e9 stability \u2013 jsou <strong>\u00farokov\u00e9 sazby<\/strong>. Ty p\u0159edstavuj\u00ed kl\u00ed\u010dov\u00fd mechanismus, prost\u0159ednictv\u00edm kter\u00e9ho centr\u00e1ln\u00ed banka ovliv\u0148uje inflaci, hospod\u00e1\u0159sk\u00fd r\u016fst a stabilitu finan\u010dn\u00edho syst\u00e9mu.<\/p>\n\n\n<div class=\"lazyblock-cta-download-Z1vvL1A wp-block-lazyblock-cta-download\">\n<div class=\"mt-16\">\n    <div class=\"h-1 bg-gray-200 rounded overflow-hidden\">\n        <div class=\"w-16 h-full bg-custom\"><\/div>\n    <\/div>\n\n    <div class=\"flex items-center md:items-end flex-col max-md:px-5 max-md:border border-slate-200\">\n        <div class=\"flex max-md:flex-col max-md:justify-center items-center py-5 gap-6 md:border-b border-slate-200\">\n                            <img decoding=\"async\" class=\"md:w-2\/5 w-full h-48 object-cover object-center rounded border-gray-100 border-2\"\n                    src=\"https:\/\/kursora.com\/wp-content\/uploads\/2025\/08\/7-4.png\"\n                    alt=\"\u010cesk\u00e1 spo\u0159itelna Kreditn\u00ed karta\">\n                \n            <div class=\"flex-1 max-md:text-center\">\n                                    <span class=\"text-sm title-font text-slate-500 tracking-wide uppercase\">Karta<\/span>\n                \n                                    <h2 class=\"text-[1.75rem] font-medium flex-1\">\n                        \u010cesk\u00e1 spo\u0159itelna Kreditn\u00ed karta                    <\/h2>\n                \n                                    <div class=\"flex items-center gap-2 mt-3 max-md:justify-center\">\n                                                                                    <span class=\"rounded post-category text-xs uppercase font-semibold bg-custom\/10 text-custom px-2 py-1 mb-1.5\">\n                                    Bezpe\u010dn\u00e1 rezerva na cesty                                <\/span>\n                                                                                                                <span class=\"rounded post-category text-xs uppercase font-semibold bg-custom\/10 text-custom px-2 py-1 mb-1.5\">\n                                    Bez \u00faroku a\u017e 55 dn\u00ed                                <\/span>\n                                                                                                                <span class=\"rounded post-category text-xs uppercase font-semibold bg-custom\/10 text-custom px-2 py-1 mb-1.5\">\n                                    Odm\u011bna za platby kartou                                <\/span>\n                                                                        <\/div>\n                \n                                    <span class=\"text-base mt-2 block\">\n                        Spo\u010d\u00edtejte si, jak m\u016f\u017eete m\u00edt kreditku zdarma a\u017e na 55 dn\u00ed                    <\/span>\n                            <\/div>\n        <\/div>\n    \n        <div class=\"py-6 text-right gap-4 md:gap-6\">\n                            <a href=\"https:\/\/www.csas.cz\/cs\/osobni-finance\/ucty-karty\/kreditni-karta\"\n                    aria-label=\"Zjistit v\u00edce\"\n                    class=\"no-underline text-center mb-2 max-md:w-full bg-custom hover:opacity-80 transition-colors text-base inline-block text-white py-3 px-6 text-md font-semibold rounded\">\n                    Zjistit v\u00edce                <\/a>\n                        <span class=\"block text-xs text-center sm:text-right text-slate-500 mt-3\">Voc\u00ea permanecer\u00e1 no mesmo site <\/span>\n        <\/div>\n    <\/div>\n<\/div><\/div>\n\n\n<p>Tento text podrobn\u011b rozeb\u00edr\u00e1 fungov\u00e1n\u00ed m\u011bnov\u00e9 politiky \u010cNB, roli \u00farokov\u00fdch sazeb, historick\u00fd v\u00fdvoj politiky v \u010cesk\u00e9 republice, jej\u00ed dopady na ekonomiku a v\u00fdzvy, kter\u00e9 p\u0159ed n\u00e1rodn\u00ed bankou stoj\u00ed v budoucnu.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u010cesk\u00e1 n\u00e1rodn\u00ed banka: posl\u00e1n\u00ed a pr\u00e1vn\u00ed r\u00e1mec<\/h2>\n\n\n\n<p>\u010cesk\u00e1 n\u00e1rodn\u00ed banka byla zalo\u017eena v roce 1993 po rozd\u011blen\u00ed \u010ceskoslovenska. Od sv\u00e9ho vzniku je <strong>nez\u00e1vislou instituc\u00ed<\/strong>, co\u017e znamen\u00e1, \u017ee nesm\u00ed p\u0159ij\u00edmat pokyny od vl\u00e1dy ani jin\u00fdch org\u00e1n\u016f. Jej\u00ed \u010dinnost je zakotvena v <strong>\u00dastav\u011b \u010cesk\u00e9 republiky<\/strong> a v <strong>z\u00e1kon\u011b o \u010cesk\u00e9 n\u00e1rodn\u00ed bance (\u010d. 6\/1993 Sb.)<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hlavn\u00ed c\u00edle \u010cNB<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Cenov\u00e1 stabilita<\/strong> \u2013 Hlavn\u00edm mand\u00e1tem \u010cNB je p\u00e9\u010de o stabilitu cen. To znamen\u00e1 udr\u017eov\u00e1n\u00ed inflace na n\u00edzk\u00e9 a p\u0159edv\u00eddateln\u00e9 \u00farovni.<\/li>\n\n\n\n<li><strong>Stabilita finan\u010dn\u00edho syst\u00e9mu<\/strong> \u2013 \u010cNB dohl\u00ed\u017e\u00ed na banky, kapit\u00e1lov\u00e9 trhy a dal\u0161\u00ed finan\u010dn\u00ed instituce, aby nedo\u0161lo k destabilizaci ekonomiky.<\/li>\n\n\n\n<li><strong>Podpora hospod\u00e1\u0159sk\u00e9 politiky vl\u00e1dy<\/strong> \u2013 Pokud to nen\u00ed v rozporu s jej\u00edm hlavn\u00edm c\u00edlem, \u010cNB podporuje obecnou hospod\u00e1\u0159skou politiku.<\/li>\n\n\n\n<li><strong>Spr\u00e1va devizov\u00fdch rezerv<\/strong> \u2013 \u010cNB zaji\u0161\u0165uje dostate\u010dn\u00e9 devizov\u00e9 rezervy a stabilitu m\u011bny.<\/li>\n\n\n\n<li><strong>Emise m\u011bny<\/strong> \u2013 M\u00e1 v\u00fdhradn\u00ed pr\u00e1vo vyd\u00e1vat \u010deskou korunu a \u0159\u00eddit ob\u011bh pen\u011bz.<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">M\u011bnov\u00e1 politika a infla\u010dn\u00ed c\u00edlov\u00e1n\u00ed<\/h2>\n\n\n\n<p>Od konce 90. let \u010cNB uplat\u0148uje strategii <strong>infla\u010dn\u00edho c\u00edlov\u00e1n\u00ed<\/strong>. To znamen\u00e1, \u017ee centr\u00e1ln\u00ed banka vyhla\u0161uje konkr\u00e9tn\u00ed infla\u010dn\u00ed c\u00edl a nastavuje svou politiku tak, aby tohoto c\u00edle dos\u00e1hla.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>V sou\u010dasnosti je infla\u010dn\u00ed c\u00edl \u010cNB stanoven na <strong>2 % ro\u010dn\u011b s toleran\u010dn\u00edm p\u00e1smem \u00b11 procentn\u00ed bod<\/strong>.<\/li>\n\n\n\n<li>Tento c\u00edl je pova\u017eov\u00e1n za optim\u00e1ln\u00ed, proto\u017ee m\u00edrn\u00e1 inflace podporuje ekonomick\u00fd r\u016fst, ale z\u00e1rove\u0148 neohro\u017euje kupn\u00ed s\u00edlu obyvatel.<\/li>\n<\/ul>\n\n\n\n<p>Infla\u010dn\u00ed c\u00edlov\u00e1n\u00ed vy\u017eaduje d\u016fslednou komunikaci. \u010cNB proto zve\u0159ej\u0148uje <strong>Zpr\u00e1vy o inflaci<\/strong>, makroekonomick\u00e9 progn\u00f3zy a z\u00e1pisy z jedn\u00e1n\u00ed bankovn\u00ed rady, aby byla jej\u00ed politika co nejtransparentn\u011bj\u0161\u00ed.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u00darokov\u00e9 sazby \u2013 kl\u00ed\u010dov\u00fd n\u00e1stroj \u010cNB<\/h2>\n\n\n\n<p>\u00darokov\u00e9 sazby jsou hlavn\u00edm kan\u00e1lem, kter\u00fdm \u010cNB ovliv\u0148uje ekonomiku. Lze je ch\u00e1pat jako <strong>cenu pen\u011bz<\/strong> \u2013 \u010d\u00edm vy\u0161\u0161\u00ed sazby jsou, t\u00edm dra\u017e\u0161\u00ed je si p\u016fj\u010dit kapit\u00e1l, a naopak.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hlavn\u00ed sazby \u010cNB<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Dvou t\u00fddenn\u00ed repo sazba (2T repo sazba)<\/strong>\n<ul class=\"wp-block-list\">\n<li>Z\u00e1kladn\u00ed n\u00e1stroj m\u011bnov\u00e9 politiky.<\/li>\n\n\n\n<li>Ur\u010duje v\u00fdnos, za kter\u00fd si komer\u010dn\u00ed banky mohou ukl\u00e1dat p\u0159ebyte\u010dnou likviditu u \u010cNB.<\/li>\n\n\n\n<li>Ovliv\u0148uje v\u011bt\u0161inu \u00farokov\u00fdch sazeb v ekonomice.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Diskontn\u00ed sazba<\/strong>\n<ul class=\"wp-block-list\">\n<li>Doln\u00ed hranice \u00farokov\u00e9ho koridoru.<\/li>\n\n\n\n<li>Banky ji dost\u00e1vaj\u00ed za ulo\u017een\u00ed voln\u00fdch pen\u011bz u \u010cNB.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Lombardn\u00ed sazba<\/strong>\n<ul class=\"wp-block-list\">\n<li>Horn\u00ed hranice koridoru.<\/li>\n\n\n\n<li>Banky si za tuto sazbu p\u016fj\u010duj\u00ed prost\u0159edky od \u010cNB proti z\u00e1stav\u011b cenn\u00fdch pap\u00edr\u016f.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">P\u0159enos m\u011bnov\u00e9 politiky<\/h3>\n\n\n\n<p>Zm\u011bny sazeb ovliv\u0148uj\u00ed ekonomiku n\u011bkolika kan\u00e1ly:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u00dav\u011brov\u00fd kan\u00e1l<\/strong> \u2013 vy\u0161\u0161\u00ed sazby zdra\u017euj\u00ed \u00fav\u011bry \u2192 kles\u00e1 popt\u00e1vka po p\u016fj\u010dk\u00e1ch.<\/li>\n\n\n\n<li><strong>Investi\u010dn\u00ed kan\u00e1l<\/strong> \u2013 firmy m\u00e9n\u011b investuj\u00ed, pokud je financov\u00e1n\u00ed drah\u00e9.<\/li>\n\n\n\n<li><strong>Kursov\u00fd kan\u00e1l<\/strong> \u2013 vy\u0161\u0161\u00ed sazby p\u0159itahuj\u00ed zahrani\u010dn\u00ed kapit\u00e1l a posiluj\u00ed korunu.<\/li>\n\n\n\n<li><strong>Infla\u010dn\u00ed o\u010dek\u00e1v\u00e1n\u00ed<\/strong> \u2013 rozhodnut\u00ed \u010cNB ovliv\u0148uj\u00ed o\u010dek\u00e1v\u00e1n\u00ed ve\u0159ejnosti a podnik\u016f ohledn\u011b budouc\u00ed inflace.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Historick\u00fd v\u00fdvoj politiky \u010cNB a sazeb<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">90. l\u00e9ta \u2013 transformace a vysok\u00e1 inflace<\/h3>\n\n\n\n<p>Po rozpadu \u010ceskoslovenska byla inflace vysok\u00e1, co\u017e bylo d\u016fsledkem liberalizace cen. \u010cNB musela nastavit p\u0159\u00edsnou m\u011bnovou politiku s vysok\u00fdmi sazbami.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2000\u20132008 \u2013 obdob\u00ed stability<\/h3>\n\n\n\n<p>Ekonomika se stabilizovala, inflace se dr\u017eela n\u00edzko. Repo sazba postupn\u011b klesla a\u017e pod 3 %.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Finan\u010dn\u00ed krize 2008\u20132009<\/h3>\n\n\n\n<p>\u010cNB reagovala na glob\u00e1ln\u00ed krizi razantn\u00edm sni\u017eov\u00e1n\u00edm sazeb, aby podpo\u0159ila hospod\u00e1\u0159stv\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2013\u20132017 \u2013 kurzov\u00fd z\u00e1vazek<\/h3>\n\n\n\n<p>V obav\u011b z deflace zavedla \u010cNB politiku oslaben\u00ed koruny (27 K\u010d za euro). Sazby byly na technick\u00e9 nule.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2017\u20132019 \u2013 n\u00e1vrat k norm\u00e1lu<\/h3>\n\n\n\n<p>Po ukon\u010den\u00ed kurzov\u00e9ho z\u00e1vazku \u010cNB za\u010dala postupn\u011b zvy\u0161ovat sazby.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2020\u20132021 \u2013 pandemie COVID-19<\/h3>\n\n\n\n<p>Sazby byly sn\u00ed\u017eeny na rekordn\u00ed minimum (repo 0,25 %).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2022\u20132023 \u2013 infla\u010dn\u00ed \u0161ok<\/h3>\n\n\n\n<p>Vysok\u00e1 inflace p\u0159es 15 % p\u0159im\u011bla \u010cNB k razantn\u00edmu zv\u00fd\u0161en\u00ed repo sazby na 7 %.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2024\u20132025 \u2013 stabilizace<\/h3>\n\n\n\n<p>Inflace postupn\u011b kles\u00e1, ale \u00farokov\u00e9 sazby z\u016fst\u00e1vaj\u00ed relativn\u011b vysok\u00e9, aby zabr\u00e1nily op\u011btovn\u00e9mu r\u016fstu cen.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Dopady \u00farokov\u00fdch sazeb na ekonomiku<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Na dom\u00e1cnosti<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Hypot\u00e9ky<\/strong>: Vy\u0161\u0161\u00ed sazby zvy\u0161uj\u00ed spl\u00e1tky, co\u017e omezuje dostupnost bydlen\u00ed.<\/li>\n\n\n\n<li><strong>Spot\u0159eba<\/strong>: Lid\u00e9 v\u00edce spo\u0159\u00ed a m\u00e9n\u011b utr\u00e1cej\u00ed.<\/li>\n\n\n\n<li><strong>\u00daspory<\/strong>: Vy\u0161\u0161\u00ed \u00faroky motivuj\u00ed ukl\u00e1dat pen\u00edze na \u00fa\u010dty.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Na firmy<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Investice<\/strong>: Vy\u0161\u0161\u00ed n\u00e1klady na \u00fav\u011bry vedou k odkl\u00e1d\u00e1n\u00ed investi\u010dn\u00edch projekt\u016f.<\/li>\n\n\n\n<li><strong>Export a import<\/strong>: Siln\u00e1 koruna zt\u011b\u017euje export\u00e9r\u016fm, ale levn\u011bj\u0161\u00ed import sni\u017euje n\u00e1klady.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Na st\u00e1t<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ve\u0159ejn\u00e9 finance<\/strong>: Vy\u0161\u0161\u00ed sazby zdra\u017euj\u00ed obsluhu st\u00e1tn\u00edho dluhu.<\/li>\n\n\n\n<li><strong>Rozpo\u010dtov\u00e1 politika<\/strong>: Vl\u00e1da mus\u00ed koordinovat fisk\u00e1ln\u00ed kroky s m\u011bnovou politikou.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Mezin\u00e1rodn\u00ed kontext<\/h2>\n\n\n\n<p>\u010cNB nen\u00ed izolovan\u00e1 \u2013 jej\u00ed politika se mus\u00ed p\u0159izp\u016fsobovat i krok\u016fm jin\u00fdch centr\u00e1ln\u00edch bank:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Evropsk\u00e1 centr\u00e1ln\u00ed banka (ECB)<\/strong> \u2013 Ovliv\u0148uje \u010deskou ekonomiku, proto\u017ee euroz\u00f3na je hlavn\u00ed obchodn\u00ed partner.<\/li>\n\n\n\n<li><strong>Americk\u00fd Fed<\/strong> \u2013 Jeho rozhodnut\u00ed maj\u00ed glob\u00e1ln\u00ed dopad na kapit\u00e1lov\u00e9 toky a m\u011bnov\u00e9 kurzy.<\/li>\n\n\n\n<li><strong>Sousedn\u00ed zem\u011b<\/strong> \u2013 Polsko, Ma\u010farsko a Slovensko \u010dasto \u0159e\u0161\u00ed podobn\u00e9 probl\u00e9my a jejich politika se porovn\u00e1v\u00e1 s \u010cNB.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">V\u00fdzvy do budoucna<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Globalizace a geopolitick\u00e9 \u0161oky<\/strong> \u2013 ceny energi\u00ed, v\u00e1lky, pandemie.<\/li>\n\n\n\n<li><strong>Digitalizace a vznik digit\u00e1ln\u00ed koruny (CBDC)<\/strong> \u2013 m\u016f\u017ee zm\u011bnit fungov\u00e1n\u00ed pen\u011b\u017en\u00edho trhu.<\/li>\n\n\n\n<li><strong>Klimatick\u00e1 politika<\/strong> \u2013 zelen\u00e9 investice kr\u00e1tkodob\u011b zdra\u017e\u00ed v\u00fdrobu.<\/li>\n\n\n\n<li><strong>Demografie<\/strong> \u2013 st\u00e1rnut\u00ed obyvatel ovlivn\u00ed \u00faspory a spot\u0159ebu.<\/li>\n\n\n\n<li><strong>Koordinace s vl\u00e1dn\u00ed fisk\u00e1ln\u00ed politikou<\/strong> \u2013 pokud vl\u00e1da utr\u00e1c\u00ed p\u0159\u00edli\u0161, \u00farokov\u00e9 sazby mohou ztr\u00e1cet efekt.<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Z\u00e1v\u011br<\/h2>\n\n\n\n<p>Politika \u010cesk\u00e9 n\u00e1rodn\u00ed banky a \u00farokov\u00e9 sazby jsou z\u00e1kladn\u00edm pil\u00ed\u0159em makroekonomick\u00e9 stability v \u010cesk\u00e9 republice. Od sv\u00e9ho vzniku \u010cNB dok\u00e1zala, \u017ee je schopn\u00e1 pru\u017en\u011b reagovat na m\u011bn\u00edc\u00ed se podm\u00ednky \u2013 od transformace devades\u00e1t\u00fdch let, p\u0159es glob\u00e1ln\u00ed finan\u010dn\u00ed krizi, a\u017e po pandemii a infla\u010dn\u00ed \u0161ok posledn\u00edch let.<\/p>\n\n\n\n<p>\u00darokov\u00e9 sazby z\u016fst\u00e1vaj\u00ed nejmocn\u011bj\u0161\u00edm n\u00e1strojem, jak \u010cNB ovliv\u0148uje inflaci, ekonomick\u00fd r\u016fst a finan\u010dn\u00ed stabilitu. V\u00fdzvy budoucnosti \u2013 globalizace, digitalizace a klimatick\u00e1 politika \u2013 uk\u00e1\u017eou, jak flexibiln\u011b dok\u00e1\u017ee centr\u00e1ln\u00ed banka reagovat a jak si udr\u017e\u00ed d\u016fv\u011bru ve\u0159ejnosti i investor\u016f.<\/p>\n\n\n\n<p>Cenov\u00e1 stabilita, podpo\u0159en\u00e1 spr\u00e1vn\u011b nastaven\u00fdmi sazbami, je kl\u00ed\u010dem k prosperit\u011b a udr\u017eitelnosti \u010desk\u00e9 ekonomiky.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chcete kartu pro v\u0161echny p\u0159\u00edle\u017eitosti? \u010cesk\u00e1 n\u00e1rodn\u00ed banka (\u010cNB) je centr\u00e1ln\u00ed bankou \u010cesk\u00e9 republiky a pat\u0159\u00ed mezi nejd\u016fle\u017eit\u011bj\u0161\u00ed instituce hospod\u00e1\u0159sk\u00e9ho syst\u00e9mu zem\u011b&#8230;.<\/p>\n","protected":false},"author":2,"featured_media":14230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3617],"tags":[],"class_list":["post-14291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-karta","entry"],"_links":{"self":[{"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/posts\/14291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/comments?post=14291"}],"version-history":[{"count":5,"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/posts\/14291\/revisions"}],"predecessor-version":[{"id":16308,"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/posts\/14291\/revisions\/16308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/media\/14230"}],"wp:attachment":[{"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/media?parent=14291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/categories?post=14291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kursora.com\/pt_br\/wp-json\/wp\/v2\/tags?post=14291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}