{"id":8331,"date":"2023-12-11T09:18:02","date_gmt":"2023-12-11T08:18:02","guid":{"rendered":"https:\/\/orangeacademy.cz\/clanky\/?p=8331"},"modified":"2023-10-18T01:27:57","modified_gmt":"2023-10-17T23:27:57","slug":"intervence-cnb","status":"publish","type":"post","link":"https:\/\/orangeacademy.cz\/clanky\/intervence-cnb\/","title":{"rendered":"Intervence \u010cNB: Boj proti v\u00fdkyv\u016fm a ochrana konkurenceschopnosti ekonomiky"},"content":{"rendered":"<p><b>Intervence \u010cNB: \u010cesk\u00e1 n\u00e1rodn\u00ed banka je centr\u00e1ln\u00ed bankou \u010cesk\u00e9 republiky, kter\u00e1 m\u00e1 za \u00fakol udr\u017eovat cenovou stabilitu. V r\u00e1mci m\u011bnov\u00e9 politiky \u010cNB m\u016f\u017ee pou\u017e\u00edvat r\u016fzn\u00e9 n\u00e1stroje, v\u010detn\u011b devizov\u00fdch intervenc\u00ed. Jak lze intervenc\u00ed bojovat proti v\u00fdkyv\u016fm a ochr\u00e1nit tak konkurenceschopnost ekonomiky? To se dozv\u00edte v n\u00e1sleduj\u00edc\u00edch \u0159\u00e1dc\u00edch.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Devizov\u00e9 intervence jsou n\u00e1kupy nebo prodeje ciz\u00ed m\u011bny za dom\u00e1c\u00ed m\u011bnu na devizov\u00e9m trhu. \u010cNB m\u016f\u017ee prov\u00e1d\u011bt intervence za \u00fa\u010delem ovlivn\u011bn\u00ed m\u011bnov\u00e9ho kurzu, kter\u00fd je d\u016fle\u017eit\u00fdm faktorem pro cenovou stabilitu, konkurenceschopnost ekonomiky a finan\u010dn\u00ed stabilitu.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Obsah<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e4fa785cf0a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #666666;color:#666666\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #666666;color:#666666\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e4fa785cf0a\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/orangeacademy.cz\/clanky\/intervence-cnb\/#Boj_proti_vykyvum\" >Boj proti v\u00fdkyv\u016fm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/orangeacademy.cz\/clanky\/intervence-cnb\/#Ochrana_konkurenceschopnosti_ekonomiky\" >Ochrana konkurenceschopnosti ekonomiky<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/orangeacademy.cz\/clanky\/intervence-cnb\/#Limity_intervenci_CNB\" >Limity intervenc\u00ed \u010cNB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/orangeacademy.cz\/clanky\/intervence-cnb\/#Rizika_intervenci_CNB\" >Rizika intervenc\u00ed \u010cNB<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Boj_proti_vykyvum\"><\/span><span style=\"font-weight: 400;\">Boj proti v\u00fdkyv\u016fm<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">M\u011bnov\u00fd kurz je citliv\u00fd na \u0159adu faktor\u016f, v\u010detn\u011b <strong>v\u00fdvoje ekonomiky, \u00farokov\u00fdch sazeb, inflace a politick\u00e9 situace.<\/strong> Nadm\u011brn\u00e9 v\u00fdkyvy m\u011bnov\u00e9ho kurzu mohou m\u00edt negativn\u00ed dopady na ekonomiku, nap\u0159\u00edklad mohou v\u00e9st k nestabiln\u00edm cen\u00e1m, k v\u00fdkyv\u016fm v zahrani\u010dn\u00edm obchod\u011b a k investi\u010dn\u00ed nejistot\u011b. \u010cNB m\u016f\u017ee prov\u00e1d\u011bt intervence za \u00fa\u010delem ovlivn\u011bn\u00ed m\u011bnov\u00e9ho kurzu a tlumen\u00ed jeho v\u00fdkyv\u016f.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ochrana_konkurenceschopnosti_ekonomiky\"><\/span><span style=\"font-weight: 400;\">Ochrana konkurenceschopnosti ekonomiky<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">M\u011bnov\u00fd kurz je d\u016fle\u017eit\u00fdm faktorem pro konkurenceschopnost ekonomiky. Siln\u011bj\u0161\u00ed m\u011bna m\u016f\u017ee v\u00e9st k vy\u0161\u0161\u00edm cen\u00e1m \u010desk\u00fdch export\u016f na zahrani\u010dn\u00edch trz\u00edch a k ni\u017e\u0161\u00edm cen\u00e1m dovoz\u016f do \u010cesk\u00e9 republiky. To m\u016f\u017ee v\u00e9st k poklesu export\u016f a k n\u00e1r\u016fstu import\u016f, co\u017e m\u016f\u017ee m\u00edt negativn\u00ed dopady na ekonomiku. \u010cNB m\u016f\u017ee prov\u00e1d\u011bt <strong>intervence za \u00fa\u010delem oslaben\u00ed koruny a ochrany konkurenceschopnosti \u010desk\u00e9ho exportu.<\/strong><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">P\u0159\u00edklady intervenc\u00ed \u010cNB<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u010cNB prov\u00e1d\u011bla intervence v r\u016fzn\u00fdch obdob\u00edch sv\u00e9 historie. V <strong>letech 2013\u20132017<\/strong> \u010cNB prov\u00e1d\u011bla intervence na oslaben\u00ed koruny za \u00fa\u010delem ovlivn\u011bn\u00ed m\u011bnov\u00e9 politiky a dosa\u017een\u00ed infla\u010dn\u00edho c\u00edle. V <strong>roce 2022<\/strong> \u010cNB zah\u00e1jila<strong> intervence na oslaben\u00ed koruny v reakci na ruskou invazi na Ukrajinu.<\/strong><\/span><\/p>\n<span class='mb-center maxbutton-12-center'><span class='maxbutton-12-container mb-container'><a class=\"maxbutton-12 maxbutton maxbutton-kurz-ucetnictvi-online\" target=\"_blank\" title=\"Kurz \u00fa\u010detnictv\u00ed online\" rel=\"noopener\" href=\"https:\/\/orangeacademy.cz\/kurzy-ucetnictvi\"><span class='mb-text'>Studujte kurz \u00fa\u010detnictv\u00ed 100% online<\/span><\/a><\/span><\/span>\n<h3><span style=\"font-weight: 400;\">Dal\u0161\u00ed aspekty intervenc\u00ed \u010cNB<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Krom\u011b v\u00fd\u0161e uveden\u00fdch c\u00edl\u016f mohou intervence \u010cNB m\u00edt i dal\u0161\u00ed aspekty. Nap\u0159\u00edklad mohou b\u00fdt pou\u017eity k:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Zm\u00edrn\u011bn\u00ed inflace<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Oslaben\u00ed koruny m\u016f\u017ee v\u00e9st k poklesu cen dovoz\u016f do \u010cesk\u00e9 republiky, co\u017e m\u016f\u017ee pomoci zm\u00edrnit inflaci.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Zv\u00fd\u0161en\u00ed investic<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Oslaben\u00ed koruny m\u016f\u017ee u\u010dinit \u010desk\u00e9 firmy konkurenceschopn\u011bj\u0161\u00edmi na zahrani\u010dn\u00edch trz\u00edch, co\u017e m\u016f\u017ee v\u00e9st k <a href=\"https:\/\/orangeacademy.cz\/clanky\/sporeni-investice\/\" target=\"_blank\" rel=\"noopener\">vy\u0161\u0161\u00edm investic\u00edm<\/a> do \u010desk\u00e9 ekonomiky.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Ovlivn\u011bn\u00ed kurzu v\u016f\u010di jin\u00fdm m\u011bn\u00e1m<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u010cNB m\u016f\u017ee prov\u00e1d\u011bt intervence nejen na oslaben\u00ed koruny, <strong>ale tak\u00e9 na jej\u00ed pos\u00edlen\u00ed<\/strong>. To m\u016f\u017ee b\u00fdt vhodn\u00e9 v p\u0159\u00edpad\u011b, kdy \u010cNB chce podpo\u0159it zahrani\u010dn\u00ed obchod s ur\u010ditou zem\u00ed.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Limity_intervenci_CNB\"><\/span><span style=\"font-weight: 400;\">Limity intervenc\u00ed \u010cNB<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Limity intervenc\u00ed \u010cNB lze rozd\u011blit na dva typy:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Faktory na stran\u011b \u010cNB<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Devizov\u00e9 rezervy \u010cNB jsou omezen\u00e9, co\u017e znamen\u00e1, \u017ee \u010cNB nem\u016f\u017ee intervenovat neomezen\u00e9 mno\u017estv\u00ed. Pokud by \u010cNB intervenovala p\u0159\u00edli\u0161 agresivn\u011b, mohla by vy\u010derpat sv\u00e9 devizov\u00e9 rezervy. Pokud trh o\u010dek\u00e1v\u00e1, \u017ee \u010cNB bude intervenovat, m\u016f\u017ee to sn\u00ed\u017eit \u00fa\u010dinnost intervenc\u00ed.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Faktory na stran\u011b trhu<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Ekonomick\u00e9 podm\u00ednky<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ekonomick\u00e9 podm\u00ednky, jako je inflace, \u00farokov\u00e9 sazby a dynamika ekonomiky, mohou m\u00edt v\u00fdznamn\u00fd vliv na m\u011bnov\u00fd kurz. Pokud se ekonomick\u00e9 podm\u00ednky zm\u011bn\u00ed, m\u016f\u017ee to sn\u00ed\u017eit \u00fa\u010dinnost intervenc\u00ed.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Politick\u00e9 faktory<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Politick\u00e9 faktory, jako je geopolitick\u00e1 situace a d\u016fv\u011bra v vl\u00e1du, mohou m\u00edt tak\u00e9 vliv na m\u011bnov\u00fd kurz. Pokud se politick\u00e9 podm\u00ednky zm\u011bn\u00ed, m\u016f\u017ee to sn\u00ed\u017eit \u00fa\u010dinnost intervenc\u00ed.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rizika_intervenci_CNB\"><\/span><span style=\"font-weight: 400;\">Rizika intervenc\u00ed \u010cNB<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Rizika intervenc\u00ed \u010cNB lze rozd\u011blit na dva typy:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Finan\u010dn\u00ed rizika<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Ztr\u00e1ty z devizov\u00fdch intervenc\u00ed<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pokud \u010cNB intervenuje na oslaben\u00ed koruny, m\u016f\u017ee vzniknout riziko ztr\u00e1t z devizov\u00fdch intervenc\u00ed, pokud by koruna za\u010dala posilovat.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Zv\u00fd\u0161en\u00ed \u00farokov\u00fdch sazeb<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Intervence \u010cNB mohou v\u00e9st k zv\u00fd\u0161en\u00ed \u00farokov\u00fdch sazeb, co\u017e m\u016f\u017ee m\u00edt negativn\u00ed dopady na ekonomiku.<\/span><\/p>\n<div id=\"attachment_8333\" style=\"width: 940px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8333\" class=\"wp-image-8333 size-large\" src=\"https:\/\/orangeacademy.cz\/clanky\/wp-content\/uploads\/2023\/10\/intervence.cnb1_-930x621.jpeg\" alt=\"intervence \u010dnb\" width=\"930\" height=\"621\" \/><p id=\"caption-attachment-8333\" class=\"wp-caption-text\">\u010cNB m\u016f\u017ee prov\u00e1d\u011bt intervence nejen na oslaben\u00ed koruny, ale tak\u00e9 na jej\u00ed pos\u00edlen\u00ed<\/p><\/div>\n<h3><span style=\"font-weight: 400;\">Ekonomick\u00e1 rizika<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Destabilizace ekonomiky<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pokud by \u010cNB intervenovala ne\u00fasp\u011b\u0161n\u011b, mohlo by to v\u00e9st k destabilizaci ekonomiky. <\/span>Destabilizace ekonomiky je stav, kdy ekonomika je nestabiln\u00ed a n\u00e1chyln\u00e1 k v\u00fdkyv\u016fm. To m\u016f\u017ee m\u00edt negativn\u00ed dopady nap\u0159. vy\u0161\u0161\u00ed nezam\u011bstnanost.<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Zv\u00fd\u0161en\u00ed inflace<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pokud by \u010cNB intervenovala na oslaben\u00ed koruny, mohlo by to v\u00e9st k zv\u00fd\u0161en\u00ed inflace. <\/span><a href=\"https:\/\/orangeacademy.cz\/clanky\/inflace-a-deflace-vyznam\/\" target=\"_blank\" rel=\"noopener\">Zv\u00fd\u0161en\u00ed inflace <\/a>je situace, kdy se ceny zbo\u017e\u00ed a slu\u017eeb v ekonomice zvy\u0161uj\u00ed rychleji, ne\u017e se zvy\u0161uj\u00ed p\u0159\u00edjmy lid\u00ed.<\/p>\n<h3><span style=\"font-weight: 400;\">Alternativy k intervenc\u00edm \u010cNB\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Zm\u011bna \u00farokov\u00fdch sazeb<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Zm\u011bna \u00farokov\u00fdch sazeb m\u016f\u017ee ovlivnit m\u011bnov\u00fd kurz. Pokud by \u010cNB zv\u00fd\u0161ila \u00farokov\u00e9 sazby, mohlo by to v\u00e9st k pos\u00edlen\u00ed koruny.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Komunikace \u010cNB<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u010cNB m\u016f\u017ee komunikovat s trhem a poskytovat jasn\u00e9 sign\u00e1ly o sv\u00e9 m\u011bnov\u00e9 politice. To m\u016f\u017ee pomoci ovlivnit o\u010dek\u00e1v\u00e1n\u00ed trhu a t\u00edm i <a href=\"https:\/\/orangeacademy.cz\/clanky\/devizy-a-valuty\/\" target=\"_blank\" rel=\"noopener\">m\u011bnov\u00fd kurz.<\/a><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Fisk\u00e1ln\u00ed politika<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Fisk\u00e1ln\u00ed politika m\u016f\u017ee m\u00edt tak\u00e9 vliv na m\u011bnov\u00fd kurz. Pokud by vl\u00e1da prov\u00e1d\u011bla stimula\u010dn\u00ed fisk\u00e1ln\u00ed politiku, mohlo by to v\u00e9st k oslaben\u00ed koruny.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u00fdb\u011br vhodn\u00e9ho n\u00e1stroje <strong>z\u00e1vis\u00ed na konkr\u00e9tn\u00ed situaci a c\u00edlech \u010cNB.<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Intervence \u010cNB je n\u00e1strojem, kter\u00fd lze pou\u017e\u00edt k dosa\u017een\u00ed r\u016fzn\u00fdch c\u00edl\u016f. Je d\u016fle\u017eit\u00e9, aby intervence byly prov\u00e1d\u011bny v souladu s m\u011bnov\u011b politick\u00fdm c\u00edlem \u010cNB a aby jejich \u00fa\u010dinnost byla pe\u010dliv\u011b sledov\u00e1na.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Intervence \u010cNB: \u010cesk\u00e1 n\u00e1rodn\u00ed banka je centr\u00e1ln\u00ed bankou \u010cesk\u00e9 republiky, kter\u00e1 m\u00e1 za \u00fakol udr\u017eovat cenovou stabilitu. V r\u00e1mci m\u011bnov\u00e9 politiky \u010cNB m\u016f\u017ee pou\u017e\u00edvat r\u016fzn\u00e9 n\u00e1stroje, v\u010detn\u011b devizov\u00fdch intervenc\u00ed. Jak lze intervenc\u00ed bojovat proti v\u00fdkyv\u016fm a ochr\u00e1nit tak konkurenceschopnost ekonomiky? To se dozv\u00edte v n\u00e1sleduj\u00edc\u00edch \u0159\u00e1dc\u00edch. Devizov\u00e9 intervence jsou n\u00e1kupy nebo prodeje ciz\u00ed m\u011bny za [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":8332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[14],"tags":[166,310,27,25],"class_list":["post-8331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ucetnictvi-a-dane","tag-finance","tag-penize","tag-pravo","tag-zakony"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Intervence \u010cNB: Boj proti v\u00fdkyv\u016fm a ochrana konkurenceschopnosti ekonomiky<\/title>\n<meta name=\"description\" content=\"Intervence \u010cNB maj\u00ed za \u00fakol udr\u017eovat cenovou stabilitu. V r\u00e1mci m\u011bnov\u00e9 politiky \u010cNB m\u016f\u017ee pou\u017e\u00edvat r\u016fzn\u00e9 n\u00e1stroje, v\u010detn\u011b intervenc\u00ed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/orangeacademy.cz\/clanky\/intervence-cnb\/\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Intervence \u010cNB: Boj proti v\u00fdkyv\u016fm a ochrana konkurenceschopnosti ekonomiky\" \/>\n<meta property=\"og:description\" content=\"Intervence \u010cNB maj\u00ed za \u00fakol udr\u017eovat cenovou stabilitu. 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