TEHRAN – The governor of the Central Bank of Iran (CBI) here on Tuesday said it is “not unjust” to equalize the interest rate of private and state-owned banks.

In the past unfair system, the private banks presented a 28 percent interest while the state-run one offered less, added Ebrahim Sheibani.

A transparent and competitive atmosphere deems necessary for enforcement of Article 44 of the Constitution and equal interest rate for both sectors is prerequisite to logical rivalry, he added.

The real and legal entities’ shares in the economic system should be in accordance with their shares in national production, added the official, noting that individuals’ economic activities decide their shares.

To this end, Sheibani added, law-abiding, Transparent rules and regulations, and investment security are necessary.

The principles should be supported by the Judiciary, he said.

Sheibani called private sector as a main part of a country, adding that government should not be apart from the private sector.