{"id":78534,"date":"2026-05-07T13:46:09","date_gmt":"2026-05-07T13:46:09","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/78534\/"},"modified":"2026-05-07T13:46:09","modified_gmt":"2026-05-07T13:46:09","slug":"cnb-sazby-nezmenila-dalsi-krok-muze-ale-smerovat-nahoru","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/78534\/","title":{"rendered":"\u010cNB sazby nezm\u011bnila, dal\u0161\u00ed krok m\u016f\u017ee ale sm\u011b\u0159ovat nahoru"},"content":{"rendered":"

Bankovn\u00ed rada \u010cesk\u00e9 n\u00e1rodn\u00ed banky (\u010cNB) podle o\u010dek\u00e1v\u00e1n\u00ed ponechala z\u00e1kladn\u00ed \u00farokovou sazbu beze zm\u011bny na 3,5\u00a0procenta. Rozhodla o\u00a0tom na \u010dtvrte\u010dn\u00edm m\u011bnov\u011bpolitick\u00e9m zased\u00e1n\u00ed. \u010clenov\u00e9 bankovn\u00ed rady hlasovali jednomysln\u011b, \u0159ekl na tiskov\u00e9 konferenci po hlasov\u00e1n\u00ed guvern\u00e9r n\u00e1rodn\u00ed banky Ale\u0161 Michl.<\/p>\n

Dvout\u00fddenn\u00ed repo sazba, od n\u00ed\u017e se odv\u00edj\u00ed \u00faro\u010den\u00ed komer\u010dn\u00edch \u00fav\u011br\u016f a\u00a0vklad\u016f, je na t\u00e9to \u00farovni od lo\u0148sk\u00e9ho kv\u011btna a\u00a0z\u016fst\u00e1v\u00e1 nejn\u00ed\u017ee od roku 2021.\u00a0Stabilitu sazeb nazna\u010dovaly tak\u00e9 v\u00fdroky n\u011bkter\u00fdch \u010dlen\u016f bankovn\u00ed rady v\u00a0minul\u00e9m t\u00fddnu.<\/p>\n

\u201eC\u00edlem na\u0161eho dne\u0161n\u00edho rozhodnut\u00ed je, aby celkov\u00e1 inflace z\u016fstala na horizontu na\u0161eho infla\u010dn\u00edho c\u00edle,\u201c dodal Michl. V\u00a0ekonomice podle n\u011bj p\u0159eva\u017euj\u00ed rizika ve sm\u011bru vy\u0161\u0161\u00ed inflace, st\u00e1vaj\u00edc\u00ed v\u00fd\u0161e sazeb je ale dostate\u010dn\u011b vysok\u00e1 a\u00a0postoj \u010cNB je v\u00fdrazn\u011b \u201ep\u0159\u00edsn\u011bj\u0161\u00ed\u201c ne\u017e nap\u0159\u00edklad p\u0159\u00edstup Evropsk\u00e9 centr\u00e1ln\u00ed banky.<\/p>\n

Z\u00e1rove\u0148 ale guvern\u00e9r p\u0159ipustil, \u017ee na p\u0159\u00ed\u0161t\u00edm m\u011bnov\u00e9m zased\u00e1n\u00ed bude bankovn\u00ed rada \u010cNB diskutovat o\u00a0zvy\u0161ov\u00e1n\u00ed sazeb.<\/p>\n

Inflace zrychlila<\/p>\n

\u010cesk\u00fd statistick\u00fd \u00fa\u0159ad ve st\u0159edu zve\u0159ejnil p\u0159edb\u011b\u017en\u00fd odhad dubnov\u00e9 inflace, podle n\u011bho\u017e spot\u0159ebitelsk\u00e9 ceny meziro\u010dn\u011b vzrostly o\u00a02,5\u00a0procenta. Inflace tak zrychlila z\u00a0b\u0159eznov\u00fdch 1,9\u00a0procenta a\u00a0byla nejvy\u0161\u0161\u00ed od lo\u0148sk\u00e9ho \u0159\u00edjna. Mezim\u011bs\u00ed\u010dn\u011b ceny podle odhadu vzrostly o\u00a0p\u016fl procenta.<\/p>\n

Za zrychlen\u00edm inflace st\u00e1lo podle analytik\u016f hlavn\u011b zdra\u017een\u00ed pohonn\u00fdch hmot souvisej\u00edc\u00ed s\u00a0v\u00fdvojem cen ropy po vypuknut\u00ed konfliktu na Bl\u00edzk\u00e9m v\u00fdchod\u011b. I\u00a0p\u0159es dubnov\u00fd n\u00e1r\u016fst v\u0161ak inflace z\u016fstala v\u00a0toleran\u010dn\u00edm p\u00e1smu \u010cNB, kter\u00e1 c\u00edl\u00ed na dvouprocentn\u00ed r\u016fst spot\u0159ebitelsk\u00fdch cen.<\/p>\n

\u201eBankovn\u00ed rada \u010cNB t\u00edmto krokem potvrzuje strategii \u201evy\u010dk\u00e1vat a\u00a0sledovat\u201c, kter\u00e1 se v\u00a0sou\u010dasn\u00e9m nejist\u00e9m prost\u0159ed\u00ed jev\u00ed jako nejracion\u00e1ln\u011bj\u0161\u00ed p\u0159\u00edstup. Inflace se sice pohybuje pobl\u00ed\u017e c\u00edle a\u00a0na prvn\u00ed pohled by vytv\u00e1\u0159ela prostor pro dal\u0161\u00ed uvoln\u011bn\u00ed m\u011bnov\u00e9 politiky, bankovn\u00ed rada v\u0161ak z\u016fst\u00e1v\u00e1 obez\u0159etn\u00e1,\u201c uvedl analytik OVB Allfinanz Michael Opo\u010densk\u00fd.<\/p>\n

<\/a><\/p>\n

Hlavn\u00edm d\u016fvodem jsou podle n\u011bj p\u0159edev\u0161\u00edm vn\u011bj\u0161\u00ed rizika. Nap\u011bt\u00ed v\u00a0oblasti Hormuzsk\u00e9ho pr\u016flivu nad\u00e1le vyv\u00edj\u00ed tlak na ceny ropy a\u00a0zemn\u00edho plynu a\u00a0je st\u00e1le z\u0159eteln\u011bj\u0161\u00ed, \u017ee se tento v\u00fdvoj postupn\u011b prom\u00edtne do cen nap\u0159\u00ed\u010d ekonomikou. \u201eZ pohledu trhu p\u0159itom nen\u00ed z\u00e1sadn\u00ed samotn\u00e9 rozhodnut\u00ed, ale p\u0159edev\u0161\u00edm dal\u0161\u00ed komunikace centr\u00e1ln\u00ed banky a\u00a0jej\u00ed v\u00fdhled na v\u00fdvoj inflace, mezd a\u00a0kurzu koruny,\u201c dodal Opo\u010densk\u00fd.<\/p>\n

Inflace v\u00a0toleran\u010dn\u00edm p\u00e1smu<\/p>\n

Podle hlavn\u00edho ekonoma Deloitte Davida Marka u\u017e inflace z\u00a0velk\u00e9 \u010d\u00e1sti vst\u0159ebala prim\u00e1rn\u00ed dopady dosavadn\u00edho r\u016fstu cen ropy. Druhotn\u00e9 dopady se v\u0161ak podle n\u011bj budou projevovat pozvoln\u011bji a\u00a0mohou do inflace prosakovat i\u00a0v dal\u0161\u00edch m\u011bs\u00edc\u00edch. Inflace by se tak mohla d\u00e1le p\u0159ibli\u017eovat ke t\u0159em procent\u016fm, tedy horn\u00ed hranici toleran\u010dn\u00edho p\u00e1sma kolem c\u00edle \u010cNB.<\/p>\n

\u201eM\u011bnov\u00e1 politika pravd\u011bpodobn\u011b nebude na sou\u010dasn\u00fd vzestup inflace reagovat okam\u017eit\u011b. Kombinace v\u00fdrazn\u00e9ho vn\u011bj\u0161\u00edho n\u00e1kladov\u00e9ho \u0161oku, uvoln\u011bn\u00e9 fisk\u00e1ln\u00ed politiky a\u00a0rostouc\u00ed dom\u00e1c\u00ed popt\u00e1vky si v\u0161ak vy\u017eaduje zv\u00fd\u0161enou pozornost,\u201c uvedl Marek.<\/p>\n

P\u0159edb\u011b\u017en\u00fd \u00fadaj o\u00a0dubnov\u00e9 inflaci \u010dlenov\u00e9 bankovn\u00ed rady p\u0159i sv\u00fdch vyj\u00e1d\u0159en\u00edch z\u00a0minul\u00e9ho t\u00fddne je\u0161t\u011b neznali. Jejich koment\u00e1\u0159e ale nazna\u010dovaly, \u017ee za kl\u00ed\u010dov\u00e9 pova\u017euj\u00ed hlavn\u011b to, zda se dra\u017e\u0161\u00ed energie a\u00a0dal\u0161\u00ed n\u00e1kladov\u00e9 tlaky za\u010dnou p\u0159el\u00e9vat do \u0161ir\u0161\u00ed inflace.<\/p>\n

Viceguvern\u00e9rka \u010cNB Eva Zamrazilov\u00e1 v\u00a0rozhovoru pro agenturu Bloomberg uvedla, \u017ee centr\u00e1ln\u00ed banka nen\u00ed v\u00a0tuto chv\u00edli pod tlakem sazby zvy\u0161ovat. Inflace podle n\u00ed z\u016fst\u00e1v\u00e1 v\u00a0toleran\u010dn\u00edm p\u00e1smu a\u00a0tr\u017en\u00ed sazby po vypuknut\u00ed konfliktu na Bl\u00edzk\u00e9m v\u00fdchod\u011b vzrostly samovoln\u011b, \u010d\u00edm\u017e se \u00fav\u011brov\u00e9 podm\u00ednky zp\u0159\u00edsnily i\u00a0bez p\u0159\u00edm\u00e9ho z\u00e1sahu centr\u00e1ln\u00ed banky. \u201eJsme nyn\u00ed v\u00a0pom\u011brn\u011b komfortn\u00ed situaci,\u201c \u0159ekla Zamrazilov\u00e1.<\/p>\n

P\u0159ipustila, \u017ee dal\u0161\u00ed pohyb sazeb by byl sp\u00ed\u0161e sm\u011brem nahoru, z\u00e1rove\u0148 ale zd\u016fraznila, \u017ee \u010cNB nemus\u00ed postupovat un\u00e1hlen\u011b. Za v\u011bt\u0161\u00ed riziko ne\u017e p\u0159enos dra\u017e\u0161\u00edch energi\u00ed do inflace ozna\u010dila mo\u017en\u00fd obrat ve v\u00fdvoji cen potravin, jejich\u017e dosavadn\u00ed tlum\u00edc\u00ed vliv na celkovou inflaci by mohl od poloviny roku sl\u00e1bnout.<\/p>\n

Kl\u00ed\u010dov\u00e9 bude chov\u00e1n\u00ed firem<\/p>\n

Tak\u00e9 \u010dlen bankovn\u00ed rady Jakub Seidler p\u0159ed zased\u00e1n\u00edm signalizoval podporu stabilit\u011b sazeb. V\u00a0rozhovoru pro Market News uvedl, \u017ee \u010cNB by nem\u011bla reagovat na prvotn\u00ed infla\u010dn\u00ed dopady geopolitick\u00e9 krize na Bl\u00edzk\u00e9m v\u00fdchod\u011b. \u201eProzat\u00edm se p\u0159ikl\u00e1n\u00edm k\u00a0ponech\u00e1n\u00ed sazeb v\u00a0kv\u011btnu beze zm\u011bny,\u201c \u0159ekl Seidler.<\/p>\n

Jejich zv\u00fd\u0161en\u00ed podle n\u011bj nelze vylou\u010dit, bude to ale z\u00e1viset na dal\u0161\u00edm v\u00fdvoji. \u201eA\u010dkoli je nyn\u00ed zv\u00fd\u0161en\u00ed sazeb pravd\u011bpodobn\u011bj\u0161\u00ed ne\u017e p\u0159ed n\u011bkolika t\u00fddny z\u00a0d\u016fvodu d\u00e9lky trv\u00e1n\u00ed konfliktu, st\u00e1le si dok\u00e1\u017eu p\u0159edstavit, \u017ee se p\u0159es sou\u010dasnou situaci p\u0159eneseme bez nutnosti zvy\u0161ov\u00e1n\u00ed sazeb,\u201c uvedl \u010dlen bankovn\u00ed rady.<\/p>\n

Podle Seidlera v\u0161ak bude z\u00e1le\u017eet na okolnostech, tedy na d\u00e9lce konfliktu, jak se zachovaj\u00ed ekonomick\u00e9 subjekty a\u00a0jak se budou vyv\u00edjet konkr\u00e9tn\u00ed rizika. Za kl\u00ed\u010dov\u00e9 pro dal\u0161\u00ed rozhodov\u00e1n\u00ed ozna\u010dil zejm\u00e9na chov\u00e1n\u00ed firem.<\/p>\n

\u201eNa z\u00e1klad\u011b ned\u00e1vn\u00fdch zku\u0161enost\u00ed s\u00a0infla\u010dn\u00edmi \u0161oky zde m\u016f\u017ee existovat siln\u011bj\u0161\u00ed tendence ke zvy\u0161ov\u00e1n\u00ed koncov\u00fdch cen nad \u00farove\u0148, kter\u00e1 by odpov\u00eddala n\u00e1r\u016fstu n\u00e1klad\u016f,\u201c dodal.<\/p>\n","protected":false},"excerpt":{"rendered":"Bankovn\u00ed rada \u010cesk\u00e9 n\u00e1rodn\u00ed banky (\u010cNB) podle o\u010dek\u00e1v\u00e1n\u00ed ponechala z\u00e1kladn\u00ed \u00farokovou sazbu beze zm\u011bny na 3,5\u00a0procenta. Rozhodla o\u00a0tom…\n","protected":false},"author":2,"featured_media":78535,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[13106,2165,17,21,686,16,18,19,22,684,20],"class_list":{"0":"post-78534","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-zpravy","8":"tag-ales-michl","9":"tag-ceska-narodni-banka-cnb","10":"tag-headlines","11":"tag-hlavni-udalosti","12":"tag-inflace","13":"tag-news","14":"tag-top-news","15":"tag-top-stories","16":"tag-udalosti-dne","17":"tag-urokova-sazba","18":"tag-zpravy"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116533604033265902","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/78534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=78534"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/78534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/78535"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=78534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=78534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=78534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}