Central bank holds rate steady

In a statement released after the meeting, BoB says the Monetary Policy Committee has left rates at 9.5 percent this year and that maintaining them at that level is consistent with its medium-term objective of 3-6 percent inflation.

"Low growth in domestic demand and the forecast modest external inflationary pressures contribute to the positive inflation outlook in the medium term," the bank says.Domestic demand is likely to be subdued because growth in personal incomes remains sluggish.