POLL-Slovak inflation seen at record lows, rates flat

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*WHEN: Inflation Sept 14, rate decision Sept 25

* Inflation seen at record low of 1.2 percent, key two-week repo rates flat at 4.25 percent

By Martin Santa

BRATISLAVA, Sept 6 (Reuters) - Slovak inflation probably remained at record lows in August but the central bank is seen maintaining a cautious stance and keeping interest rates flat for the fifth month running this month, a Reuters poll showed.

The annual EU-norm inflation rate fell to a record low of 1.2 percent in July and the median of eleven analysts forecast consumer prices index would remain at that level in August.

"A positive development in food and transportation prices is expected to continue in August, these are key reasons playing in favour of low inflation," said Silvia Cechovicova, an analyst at CSOB bank.

The Slovak economy grew by 9.4 percent year-on-year in the second quarter, but analysts saw no inflationary risks emerging from the robust domestic demand, which fed the expansion alongside net exports.

Central bank (NBS) Governor Ivan Sramko said on Wednesday the booming economy was not destabilising the economy and should not add to inflation risks.

"Productivity growth is outrunning wage growth and no inflation risks arise," Cechovicova said.

All the analysts saw the central bank leaving the key two-week repo rate at 4.25 percent at the next policy meeting on Sept. 25, as it seeks more hints about the European Central Bank's (ECB) timing of further monetary tightening.

The ECB is likely to hold back from further monetary tightening on Thursday, given the ongoing problems in financial and credit markets, analysts said.

The Slovakia central bank cut rates by 25 basis points in both March and April, as the strong crown tightened monetary conditions, but analysts saw no more room for further monetary easing given country's sky-high economic growth.