International Bank of Azerbaijan - Privatization

Privatization

While the International Monetary Fund (IMF) has continued to push for privatization of the bank, Vahid Akhundov, who is the Azerbaijan State Councilor for Economic Issues, has said that state-owned banks have a legitimate role in Azerbaijan and in other countries. Mr. Akhundov has also acknowledged that the existence of IBA as a state-owned bank has eliminated past problems.