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Does it mean "the bank will not implement any policy until later"?
Together with growing -- and highly unfortunate -- political attacks on the central bank and its governor, particularly by members of the pro-Brexit camp, the risk of stagflation is likely to keep the bank on the policy sidelines for now.
That is essentially what it means, yes.
"On the sidelines" is an idiom meaning "not actively involved in something." If something keeps you on the sidelines, then it is preventing you from getting involved. It is a reference to the sidelines that mark the field of play in many sports. If you're on the sidelines, it means you are close to and watching the action on the field, but not participating in it.
Policy sidelines suggests a place where one would closely watch the discussion over policy, but not actively participate in it.
Finally, the article says for now, meaning that this might change in the future. The implication is that the bank would get off the sidelines (and engage in policy discussions) if the risk of stagflation goes away or decreases.
