KARACHI, March 13: The State Bank of Pakistan and five public sector universities have signed memorandums of understanding (MoUs) to establish SBP memorial chairs in the name of former heads of the bank.

The MoUs were signed on Tuesday with University of Karachi, University of Punjab, University of Sindh, University of Balochistan and University of Peshawar.

The objective of the MoUs was to establish the SBP memorial chairs in economics in the name of former governors of SBP in these universities, said a statement issued by the SBP.

Dr Shamshad Akhtar, Governor, State Bank of Pakistan, and VCs of University of Karachi, University of Sindh and representatives of other three universities signed the MoUs.

The SBP has established chairs for enhancing standard of teaching and research in economics, especially in the fields of monetary policy, exchange rate management, capital flows, financial sector stability and economic growth to bring students at par with state-of-the-art international standards.

Under the MoUs, it has been agreed that the selection standard of professors on the chairs and expenses incurred on their remuneration will be the responsibility of the SBP while the entire infrastructure facilities, including housing etc., would be ensured by the respective universities.