The peak of overheating in the Russian economy has been passed, though it is too early to speak about completion of this process, Sberbank CEO German Gref said.
"It is probably too early to say that the economy is longer overheated. The fact that we currently see stabilization and the lack of further growth of key economic growth indicators demonstrates that the peak has probably been passed. However, there is still impact on prices regarding demand for workforce," Gref said.
The influence of high demand for price dynamics persists, while inflation expectations of households and business also remain elevated, Gref noted. This is why it is probably too early to say that we have already passed the peak of inflation, he explained.
The chief executive expects zero growth of prices or their decline in September.
"Nevertheless, it is probably too early to say that we have shifted to the stage of declining rates," Gref said.
