{"id":78369,"date":"2024-06-04T10:51:44","date_gmt":"2024-06-04T08:51:44","guid":{"rendered":"https:\/\/financera.cz\/?post_type=wiki&#038;p=78369"},"modified":"2024-10-22T19:14:59","modified_gmt":"2024-10-22T17:14:59","slug":"diskontni-sazba","status":"publish","type":"wiki","link":"https:\/\/financera.cz\/pujcky\/clanky\/diskontni-sazba\/","title":{"rendered":"Diskontn\u00ed sazba"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"vod\">\u00davod<\/h2>\n\n\n\n<p>Diskontn\u00ed sazba je jedna ze 3 sazeb ur\u010dovan\u00fdch \u010ceskou n\u00e1rodn\u00ed bankou (spole\u010dn\u011b s lombardn\u00ed sazbou a repo sazbou). Z \u010dist\u011b praktick\u00e9ho hlediska diskontn\u00ed sazba ur\u010duje, za kolik si m\u016f\u017eou komer\u010dn\u00ed banky &#8222;p\u0159es noc&#8220; ulo\u017eit svoje voln\u00e9 pen\u00edze u \u010cNB.<\/p>\n\n\n\n<p>Od t\u00e9to sazby se ale odv\u00edj\u00ed rada dal\u0161\u00edch ukazatel\u016f, kter\u00e9 jej\u00edm zv\u00fd\u0161en\u00edm nebo sn\u00ed\u017een\u00edm \u010cNB m\u016f\u017ee ovliv\u0148ovat. Podobn\u011b jako repo sazba m\u00e1 diskontn\u00ed sazba vliv na inflaci, PRIBOR a tedy i \u00farokov\u00e9 sazby hypot\u00e9k, \u00fav\u011br\u016f a spo\u0159\u00edc\u00edch \u00fa\u010dt\u016f.<\/p>\n\n\n\n<p>V tomto \u010dl\u00e1nku si proto vysv\u011btl\u00edme mechanizmus funkce t\u00e9to d\u016fle\u017eit\u00e9 sazby, zp\u016fsoby, jak\u00fdmi ji vyu\u017e\u00edv\u00e1 \u010cNB na prosazov\u00e1n\u00ed sv\u00e9 monet\u00e1rn\u00ed politiky a praktick\u00e9 dopady zvy\u0161ov\u00e1n\u00ed a sni\u017eov\u00e1n\u00ed diskontn\u00ed sazby.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Sazby_jako_nstroje_mnov_politiky_NB\">Sazby jako n\u00e1stroje m\u011bnov\u00e9 politiky \u010cNB<\/h2>\n\n\n\n<p>Kdy\u017e se \u0159ekne <a href=\"https:\/\/www.cnb.cz\/cs\/casto-kladene-dotazy\/Jak-se-vyvijela-dvoutydenni-repo-sazba-CNB\/\">\u010cesk\u00e1 n\u00e1rodn\u00ed banka<\/a>, mysl mnoha z n\u00e1s automaticky zabloud\u00ed k bance v podob\u011b, jak ji zn\u00e1me z b\u011b\u017en\u00e9ho \u017eivota &#8211; pap\u00edrky s \u010d\u00edsly, nekone\u010dn\u00e9 \u010dek\u00e1n\u00ed, \u017e\u00e1dosti o hypot\u00e9ku, nesmysln\u00e9 poplatky a tak d\u00e1le a tak d\u00e1le. <\/p>\n\n\n\n<p>\u010cNB ale sp\u00ed\u0161 ne\u017eli takovou (tedy komer\u010dn\u00ed) banku zastupuje roli st\u00e1tn\u00edho org\u00e1nu dohl\u00ed\u017eej\u00edc\u00edho na finan\u010dn\u00ed trh \u010cR s radou funkc\u00ed, z nich\u017e mezi hlavn\u00ed pat\u0159\u00ed udr\u017eov\u00e1n\u00ed stability \u010desk\u00e9 koruny a korigov\u00e1n\u00ed <a href=\"https:\/\/financera.cz\/wiki\/co-je-inflace\/\">inflace<\/a>.<\/p>\n\n\n\n<p>Na ty m\u00e1 ale vliv zna\u010dn\u00e9 mno\u017estv\u00ed extern\u00edch faktor\u016f a \u00faloha je to \u010dasto nelehk\u00e1 &#8211; ud\u00e1losti posledn\u00edch let jsou toho p\u0159\u00edkladem. \u010cNB proto vyu\u017e\u00edv\u00e1 pro dosa\u017een\u00ed sv\u00fdch c\u00edl\u016f v\u0161echny dostupn\u00e9 n\u00e1stroje.<\/p>\n\n\n\n<p><strong>Z\u00e1kladn\u00ed \u00farokov\u00e9 sazby<\/strong> pat\u0159\u00ed k nej\u00fa\u010dinn\u011bj\u0161\u00edm n\u00e1stroj\u016fm m\u011bnov\u00e9 politiky a od vzniku samostatn\u00e9 \u010cesk\u00e9 republiky se staly tak\u00e9 n\u00e1stroji nejpou\u017e\u00edvan\u011bj\u0161\u00edmi.<\/p>\n\n\n\n<p>Konkr\u00e9tn\u011b tyto sazby stanovuje \u010cNB na sv\u00fdch zased\u00e1n\u00edch n\u011bkolikr\u00e1t ro\u010dn\u011b:<\/p>\n\n\n\n<ul>\n<li>Diskontn\u00ed sazba<\/li>\n\n\n\n<li><a href=\"https:\/\/financera.cz\/wiki\/co-je-to-repo-sazba\/\">Repo sazba<\/a><\/li>\n\n\n\n<li>Lombardn\u00ed sazba<\/li>\n<\/ul>\n\n\n\n<p>M\u011bnov\u00e1 politika je komplexn\u00ed discipl\u00edna, ale zjednodu\u0161en\u011b lze \u0159\u00edci, \u017ee pokud \u010cNB tyto sazby zvy\u0161uje, potla\u010duje sice vysokou inflaci, ale z\u00e1rove\u0148 zp\u016fsobuje, \u017ee je k dispozici m\u00e9n\u011b pen\u011bz ve form\u011b \u00fav\u011br\u016f, co\u017e znamen\u00e1, \u017ee lid\u00e9 a firmy m\u00e9n\u011b nakupuj\u00ed, m\u00e9n\u011b utr\u00e1cej\u00ed, a t\u00edm v souhrnu zpomaluj\u00ed r\u016fst ekonomiky.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large shortcode-no\"><img decoding=\"async\" width=\"1024\" height=\"958\" src=\"https:\/\/financer.com\/app\/uploads\/sites\/10\/2024\/04\/kapitola-05-1-1024x958.jpg\" alt=\"\" class=\"wp-image-52420\" srcset=\"https:\/\/financer.global\/app\/uploads\/sites\/10\/2024\/04\/kapitola-05-1-1024x958.jpg 1024w, https:\/\/financer.global\/app\/uploads\/sites\/10\/2024\/04\/kapitola-05-1-300x281.jpg 300w, https:\/\/financer.global\/app\/uploads\/sites\/10\/2024\/04\/kapitola-05-1-768x718.jpg 768w, https:\/\/financer.global\/app\/uploads\/sites\/10\/2024\/04\/kapitola-05-1.jpg 1142w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Mechanizmus funkce \u00farokov\u00fdch sazeb<br>Zdroj: \u010cNB<\/figcaption><\/figure>\n\n\n\n<p>Pokud naopak \u010cNB sazby sn\u00ed\u017e\u00ed, motivuje to lidi a firmy v ekonomice, aby si v\u00edce p\u016fj\u010dovali, brali si hypot\u00e9ky nebo investovali, a v d\u016fsledku toho se ekonomika rozjede a p\u0159ite\u010de do n\u00ed mnohem v\u00edce pen\u011bz.<\/p>\n\n\n\n\t\t<div id=\"genericloan_0_form\" class=\"fs-slider fs-slider--tooltip search-hero--bg1\"><h3>Porovn\u00e1vejte p\u016fj\u010dky od 41 poskytovatel\u016f p\u016fj\u010dek<\/h3><p>Najd\u011bte nejv\u00fdhodn\u011bj\u0161\u00ed nab\u00eddku jedn\u00edm kliknut\u00edm<\/p><div class=\"step amount\">    <div class=\"slider_cont step__value\">\n        <span class=\"fl_l_m_15 amount_display\"><\/span>\n    <\/div>\n    <div class=\"step__slider\">\n        <input type=\"range\" data-default-value=\"10000\" data-name=\"param_amount\" \/>\n    <\/div>\n<\/div><div class=\"step stepSubmit\"><a id=\"submitSliders\" href=\"https:\/\/financera.cz\/vysledky?query=1&non_affiliate=true&param_amount=10000&param_period=360\" data-slider-url=\"https:\/\/financera.cz\/vysledky?query=1&non_affiliate=true&param_amount=10000&param_period=360\" data-required=\"vysledky?query=1non_affiliate=true&param_amount=10000&param_period=360&\" class=\"get_results compare button is-primary is-medium is-rounded\">Porovnat nab\u00eddky<\/a><\/div>\t\t<\/div><h2 class=\"wp-block-heading\" id=\"Co_je_diskontn_sazba\">Co je diskontn\u00ed sazba<\/h2>\n\n\n\n<p>Pro vysv\u011btlen\u00ed diskontn\u00ed sazba je d\u016fle\u017eit\u00e9 tro\u0161ku vysv\u011btlit, jak v praxi funguj\u00ed banky. Komer\u010dn\u00ed banky vn\u00edmaj\u00ed pen\u00edze jako <em>de facto <\/em>v\u00fdrobn\u00ed surovinu. Stejn\u011b jako ka\u017ed\u00fd jin\u00fd v\u00fdrobce, i banky z\u00edsk\u00e1vaj\u00ed suroviny (od klient\u016f, kte\u0159\u00ed si u nich pen\u00edze ulo\u017e\u00ed) a zpracov\u00e1vaj\u00ed je na produkt, kter\u00fd pak prod\u00e1vaj\u00ed d\u00e1l &#8211; v p\u0159\u00edpad\u011b bank jsou to samoz\u0159ejm\u011b \u00fav\u011bry.<\/p>\n\n\n\n<p>Ale co m\u00e1 v\u00fdrobce d\u011blat, kdy\u017e nem\u00e1 komu prod\u00e1vat? \u00dav\u011bry se prod\u00e1vaj\u00ed na voln\u00e9m trhu a nikdo nem\u016f\u017ee zaru\u010dit, jak\u00fd bude z\u00e1jem lid\u00ed, firem atd. o \u00fav\u011bry.<\/p>\n\n\n\n<p>Pokud m\u00e1 banka pen\u00edze, ale nem\u00e1 je komu p\u016fj\u010dit, mus\u00ed vymyslet jin\u00fd zp\u016fsob, jak je zhodnotit. M\u016f\u017ee je p\u016fj\u010dit jin\u00e9 bance (za sazbu, kterou v p\u0159\u00edpad\u011b \u010cR +- stanovuje PRIBOR) nebo je ulo\u017eit u \u010cNB za diskontn\u00ed sazbu.<\/p>\n\n\n<div class=\"fn_block block_fn_msg_box info\"><div class=\"fn_block__icon\"><\/div><h3 id=\"PRIBOR\">PRIBOR<\/h3><p>PRIBOR je skratka pro Prague Interbank Offered Rate &#8211; tato m\u00edra ozna\u010duje odhadovanou \u00farokovou sazbu, za kterou jsou banky, kter\u00e9 jsou jeho sou\u010d\u00e1st\u00ed, ochotny p\u016fj\u010dovat pen\u00edze na mezibankovn\u00edm trhu jin\u00fdm bank\u00e1m. Pro v\u00edce informac\u00ed o t\u00e9to sazb\u011b doporu\u010dujeme tento \u010dl\u00e1nek, kter\u00fd jsme si pro v\u00e1s p\u0159ipravili.<\/p><\/div>\n\n\n<p>Komer\u010dn\u00ed banky si tedy m\u016f\u017eou prakticky kdykoliv ulo\u017eit pen\u00edze v \u010cNB velice podobn\u00fdm zp\u016fsobem, jak si vy uklad\u00e1te pen\u00edze u svoj\u00ed komer\u010dn\u00ed banky a \u010cNB jim za to opl\u00e1tkou plat\u00ed \u00farok ve v\u00fd\u0161i diskontn\u00ed sazby. <\/p>\n\n\n<div class=\"fn_block block_fn_msg_box boxed\"><div class=\"fn_block__icon\"><\/div><p>Minim\u00e1ln\u00ed \u010d\u00e1stka pro ulo\u017een\u00ed pen\u011bz v \u010cNB je 300 mili\u00f3n\u016f K\u010d a navy\u0161ovat se m\u016f\u017ee jenom po n\u00e1sobc\u00edch 100 milion\u016f.<\/p><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"Co_vechno_diskontn_sazba_ovlivuje\">Co v\u0161echno diskontn\u00ed sazba ovliv\u0148uje<\/h2>\n\n\n\n<p>Z podstaty sv\u00e9 definice diskontn\u00ed sazba tvo\u0159\u00ed minim\u00e1ln\u00ed \u00farokovou sazbu v ekonomice. Ulo\u017een\u00ed u \u010cNB toti\u017e p\u0159edstavuje pro komer\u010dn\u00ed banky tak\u0159ka bezrizikovou investici.<\/p>\n\n\n\n<p>To znamen\u00e1, \u017ee PRIBOR nem\u016f\u017ee b\u00fdt nikdy ni\u017e\u0161\u00ed jako diskontn\u00ed sazba, v opa\u010dn\u00e9m p\u0159\u00edpad\u011b by banky toti\u017e m\u00edsto p\u016fj\u010dov\u00e1n\u00ed si mezi sebou v\u017edy up\u0159ednostnili v\u00fdhodn\u011bj\u0161\u00ed a m\u00e9n\u011b rizikov\u00fd sc\u00e9n\u00e1\u0159 ulo\u017een\u00ed u \u010cNB.<\/p>\n\n\n\n<p>Na z\u00e1klad\u011b PRIBOR se n\u00e1sledn\u011b ur\u010duj\u00ed \u00farokov\u00e9 sazby hypot\u00e9k, spo\u0159\u00edc\u00edch \u00fa\u010dt\u016f a jin\u00fdch finan\u010dn\u00edch n\u00e1stroj\u016f, z \u010deho se d\u00e1 jednodu\u0161e odpozorovat n\u00e1sleduj\u00edc\u00ed logika:<\/p>\n\n\n\n<ul>\n<li>Zv\u00fd\u0161en\u00ed diskontn\u00ed sazby zv\u00fd\u0161\u00ed PRIBOR a t\u00edm sn\u00ed\u017e\u00ed dostupnost pen\u011bz na mezibankovn\u00edm trhu<\/li>\n\n\n\n<li>Komer\u010dn\u00ed banky na men\u0161\u00ed dostupnost pen\u011bz odpov\u00ed zv\u00fd\u0161en\u00edm \u00farokov\u00fdch sazeb hypot\u00e9k, \u00fav\u011br\u016f a jin\u00fdch finan\u010dn\u00edch n\u00e1stroj\u016f<\/li>\n\n\n\n<li>Dra\u017e\u0161\u00ed hypot\u00e9ky a \u00fav\u011bry znamenaj\u00ed, \u017ee lidi si m\u00e9n\u011b p\u016fj\u010duj\u00ed, m\u00e9n\u011b utr\u00e1cej\u00ed a vznik\u00e1 tak tlak na postupn\u00e9 sni\u017eov\u00e1n\u00ed inflace<\/li>\n<\/ul>\n\n\n\n<p>Sv\u00fdm zp\u016fsobem tedy diskontn\u00ed sazba v praxi ozna\u010duje, jakou nejni\u017e\u0161\u00ed \u00farokovou sazbu m\u016f\u017eete ve va\u0161\u00ed bance dostat na hypo nebo na p\u016fj\u010dku. Je v\u0161ak nutno poznamenat, \u017ee diskontn\u00ed sazba banky nijak nezavazuje &#8211; v ur\u010dit\u00fdch situac\u00edch se m\u016f\u017ee banka t\u0159eba z komer\u010dn\u00edch d\u016fvod\u016f rozhodnout, \u017ee p\u016fj\u010dku poskytne i &#8222;se ztr\u00e1tou&#8220;.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Jak_se_vyvj_diskontn_sazba\">Jak se vyv\u00edj\u00ed diskontn\u00ed sazba?<\/h2>\n\n\n\n<p>V praxi m\u016f\u017eeme sledovat v\u00fdvoj diskontn\u00ed sazby na <a href=\"https:\/\/www.cnb.cz\/cs\/casto-kladene-dotazy\/Jak-se-vyvijela-diskontni-sazba-CNB\/\">webu \u010cNB<\/a>, kde banka uve\u0159ej\u0148uje pravideln\u00e9 aktualizace s ka\u017ed\u00fdm nov\u00fdm vyhl\u00e1sen\u00edm.<\/p>\n\n\n\n<p>Ud\u00e1losti posledn\u00fdch let skv\u011ble ilustruj\u00ed funkci diskontn\u00ed sazby a to, jak si \u010cNB vyu\u017e\u00edv\u00e1 pro pot\u0159eby monet\u00e1rn\u00ed a ekonomick\u00e9 politiky. <\/p>\n\n\n\n<p>Na za\u010d\u00e1tku sledovan\u00e9ho obdob\u00ed v tabulce n\u00ed\u017ee byla sazba t\u00e9m\u011b\u0159 na nule ve snaze co nejv\u00edc &#8222;nakopnout&#8220; ekonomiku b\u011bhem a po pandemii Covid 19. <\/p>\n\n\n\n<p>N\u00e1sledn\u011b ale za\u010d\u00edn\u00e1 zb\u011bsil\u00e1 j\u00edzda, b\u011bhem kter\u00e9 je v snaze ovl\u00e1dnout rostouc\u00ed inflaci sazba na 9 po sob\u011b n\u00e1sleduj\u00edc\u00edch sch\u016fz\u00edch \u010cNB a kon\u010d\u00ed a\u017e na historick\u00e9 hranici 6,75%, odkud se pozvolna sni\u017euje a\u017e v sou\u010dasn\u00e9 dob\u011b, p\u0159i zachov\u00e1n\u00ed pat\u0159i\u010dn\u00e9 opatrnosti.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-fn-tables shortcode-no\"><table><thead><tr><th>Datum<\/th><th>Sazba<\/th><\/tr><\/thead><tbody><tr><td><strong>27.3.2020<\/strong><\/td><td>0,05%<\/td><\/tr><tr><td><strong>1. 10. 2021<\/strong><\/td><td>0,50%<\/td><\/tr><tr><td><strong>5. 11. 2021<\/strong><\/td><td>1,75%<\/td><\/tr><tr><td><strong>23. 12. 2021<\/strong><\/td><td>2,75%<\/td><\/tr><tr><td><strong>4. 2. 2022<\/strong><\/td><td>3,50%<\/td><\/tr><tr><td><strong>1. 4. 2022<\/strong><\/td><td>4,00%<\/td><\/tr><tr><td><strong>6. 5. 2022<\/strong><\/td><td>4,75%<\/td><\/tr><tr><td><strong>23. 6. 2022<\/strong><\/td><td>6,00%<\/td><\/tr><tr><td><strong>22. 12. 2023<\/strong><\/td><td>6,75%<\/td><\/tr><tr><td><strong>9. 2. 2024<\/strong><\/td><td>5,75%<\/td><\/tr><tr><td><strong>21.\u00a03.\u00a02024<\/strong><\/td><td>4,75%<\/td><\/tr><tr><td><strong>3.5.2024<\/strong><\/td><td>4,25<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Diskontn\u00ed sazba 2024<br>Zdroj: \u010cNB<\/figcaption><\/figure>\n\n\n\n                <div class=\"fn_block block_fn_msg_box cost search-hero--bg1\">\n\t\t\t\t<h3>Jak u\u0161et\u0159it <span class=\"compare-amount\">216&nbsp;840,00 K\u010d <\/span> na va\u0161\u00ed p\u016fj\u010dce<\/h3>\n\t\t\t\t<p>Rozd\u00edl v cen\u011b p\u016fj\u010dky 10&nbsp;000,00 K\u010d za 90 dn\u00ed je 216&nbsp;840,00 K\u010d.<\/p>\n\t\t\t\t<p class=\"has-text-left\"><a href=\"https:\/\/financera.cz\/pujcky\/vysledky\/?query=1&filter_non_affiliate=1&param_amount=10000&param_period=90\" class=\"button is-normal is-primary is-rounded\">Zjist\u011bte jak<\/a><\/p>\n                <\/div><h2 class=\"wp-block-heading\" id=\"Diskontn_sazba___Pro_je_dleit_ji_sledovat\">Diskontn\u00ed sazba &#8211; Pro\u010d je d\u016fle\u017eit\u00e9 ji sledovat?<\/h2>\n\n\n\n<p>Jak m\u016f\u017eete vid\u011bt z p\u0159ede\u0161l\u00e9ho p\u0159\u00edklad, sledovat v\u00fdvoj z\u00e1kladn\u00edch \u00farokov\u00fdch sazeb m\u00e1 z\u0159ejm\u00e9 v\u00fdhody pro mnoh\u00e9 z n\u00e1s. Sazby maj\u00ed v\u00fdznamn\u00fd vliv na ekonomiku zem\u011b a jejich v\u00fdvoj n\u00e1m m\u016f\u017ee hodn\u011b napov\u011bd\u011bt o tom, jak se bude vyv\u00edjet v budoucnu. Mezi aktivity, u kter\u00fdch se vyplat\u00ed je sledovat pat\u0159\u00ed:<\/p>\n\n\n\n<ol>\n<li><strong>Investov\u00e1n\u00ed <\/strong>&#8211; \u00farokov\u00e9 sazby m\u016f\u017eou m\u00edt vliv na v\u00fdnosy r\u016fzn\u00fdch investi\u010dn\u00edch produkt\u016f a sledov\u00e1n\u00ed jejich v\u00fdvinu m\u016f\u017ee pomoci sn\u00ed\u017eit hroz\u00edc\u00ed rizika.<\/li>\n\n\n\n<li><strong>V\u00fdb\u011br spo\u0159\u00edc\u00edch produkt\u016f<\/strong> &#8211; \u00farokov\u00e9 sazby \u010cNB se t\u00e9m\u011b\u0159 okam\u017eit\u00e9 p\u0159em\u00edtaj\u00ed do sazeb, kter\u00e9 finan\u010dn\u00ed instituce nab\u00edzej\u00ed sv\u00fdm klient\u016fm. Jejich znalost a sledov\u00e1n\u00ed trend\u016f m\u016f\u017ee pomoci p\u0159i v\u00fdb\u011bru produkt\u016f jako jsou <a href=\"https:\/\/financera.cz\/uspory\/sporici-ucty\/\">spo\u0159\u00edc\u00ed \u00fa\u010dty<\/a>, <a href=\"https:\/\/financera.cz\/uspory\/terminovany-ucet\/\">terminovan\u00e9 \u00fa\u010dty<\/a> nebo <a href=\"https:\/\/financera.cz\/pujcky\/hypoteky\/\">hypot\u00e9ky<\/a>.<\/li>\n\n\n\n<li><strong>V\u00fdb\u011br p\u016fj\u010dky<\/strong> &#8211; sazba ovliv\u0148uje jak \u00fav\u011bry, tak hypot\u00e9ky. Sledov\u00e1n\u00edm sazeb proto m\u016f\u017eete l\u00e9pe p\u0159edv\u00eddat budouc\u00ed n\u00e1klady na spl\u00e1tky a podle toho upravit sv\u016fj rozpo\u010det.<\/li>\n<\/ol>\n\n\n<div class=\"fn_block block_fn_faq_list\"><h3 id=\"asto_kladen_otzky\">\u010casto kladen\u00e9 ot\u00e1zky<\/h3><h4>Jak se vyv\u00edjela diskontn\u00ed sazba \u010cNB?<\/h4><div class=\"faq_inner\"><p>Diskontn\u00ed sazba je v sou\u010dasnosti postupn\u011b a opatrn\u011b sni\u017eov\u00e1na ze strany \u010cNB. Dal\u0161\u00ed sni\u017eov\u00e1n\u00ed je v dob\u011b psan\u00ed \u010dl\u00e1nku nejist\u00e9, nakolik znovu v Q2 2024 do\u0161lo k m\u011bs\u00ed\u010dn\u00edmu n\u00e1rustu inflace. V\u00edce informac\u00ed naleznete na <a href=\"https:\/\/www.cnb.cz\/cs\/casto-kladene-dotazy\/Jak-se-vyvijela-diskontni-sazba-CNB\/\">webov\u00fdch str\u00e1nk\u00e1ch \u010cNB<\/a>.<\/p><\/div><h4>Co je diskontn\u00ed faktor?<\/h4><div class=\"faq_inner\"><p>Jde o pojem, kter\u00fd s diskontn\u00ed sazbou souvis\u00ed jenom okrajov\u011b. Diskontn\u00ed faktor je \u00farokov\u00e1 m\u00edra, za kterou si od \u010cNB za specifick\u00fdch okolnost\u00ed p\u016fj\u010duj\u00ed prost\u0159edky st\u00e1tn\u00ed instituce\u00a0<\/p><\/div><h4>Co je diskontn\u00ed m\u00edra?<\/h4><div class=\"faq_inner\"><p>Diskontn\u00ed m\u00edra je jednodu\u0161e jin\u00e9 pojmenov\u00e1n\u00ed diskontn\u00ed sazby. Tato fr\u00e1ze se vyu\u017e\u00edv\u00e1 sp\u00ed\u0161 v hovorov\u00e9 \u0159e\u010di anebo archaicky a v sou\u010dasn\u00e9 odborn\u00e9 literatu\u0159e tak nem\u00e1 m\u00edsto.<\/p><\/div><h4>Pro\u010d banky neulo\u017e\u00ed v\u0161echny svoje pen\u00edze u \u010cNB?<\/h4><div class=\"faq_inner\"><p>Jedn\u00fdm z d\u016fvod\u016f je, \u017ee \u00faloha bank je cirkulovat pen\u00edze v ekonomice a dod\u00e1vat je tam, kde jsou nejl\u00e9pe zhodnocen\u00e9. Ulo\u017een\u00ed u \u010cNB p\u0159edstavuje jakousi &#8222;lehkou&#8220; cestu, kter\u00e1 v\u0161ak neposkytuje dostate\u010dnou m\u00edru zhodnocen\u00ed na to, aby do nich banka investovala v\u0161echnu svoji volnou likviditu.<\/p><\/div><\/div>","protected":false},"author":38180,"featured_media":79361,"comment_status":"open","ping_status":"closed","template":"","meta":{"disable_branded_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ep_exclude_from_search":false,"footnotes":""},"categories":[76],"_links":{"self":[{"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/wiki\/78369"}],"collection":[{"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/wiki"}],"about":[{"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/types\/wiki"}],"author":[{"embeddable":true,"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/users\/38180"}],"replies":[{"embeddable":true,"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/comments?post=78369"}],"version-history":[{"count":10,"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/wiki\/78369\/revisions"}],"predecessor-version":[{"id":78381,"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/wiki\/78369\/revisions\/78381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/media\/79361"}],"wp:attachment":[{"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/media?parent=78369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financera.cz\/wp-json\/wp\/v2\/categories?post=78369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}