International Bank of Azerbaijan, a state-owned institution, has pipped the National Bank of Uzbekistan to win the best bank award because it is more independent from government and enjoys a better reputation among consumers. Indeed, it has played an important part in the stabilization of Azerbaijan’s economy.
The IMF recently acknowledged this, and welcomed the government’s renewed steps to privatize the bank. As it said: “A fully privatized competitive banking system is a critical component of the banking effort.
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