ST. PETERSBURG, July 3. /TASS/. The Bank of Russia managed to stop growing overheating in the Russian economy in late 2024 and it is important now to provide for the smooth return to balanced growth, Central Bank chief Elvira Nabiullina said at a briefing within the framework of the Financial Congress of the Bank of Russia.

"It was fundamentally important for us to stop growing overheating in time. I think we managed to do that at the turn of the last year, when we indeed have the overheating peak. We saw that from inflation and from the labor market condition. It is indeed very important now to support this smooth path of returning to sustainable economic growth rates," she said.

The Central Bank also sees some signs of softening in the labor market, Nabiullina added.