Bank of Zambia in the 1938 formation of the Southern Rhodesia Currency Board, which was based in Harare, in present-day Zimbabwe. The Board's jurisdiction included Northern Rhodesia, now called Zambia and Nyasaland, known as Malawi today. In 1954 the Southern Rhodesia Currency Board was renamed the Currency Board of Rhodesia and Nyasaland, and as the winds of change were strong in Africa at the time, the currency board was transformed into the Bank of Rhodesia and Nyasaland in 1956. In 1964 the Bank of Zambia was created from the Bank of Northern Rhodesia, which itself had only formed a year earlier in 1963
Northern Rhodesia Northern Rhodesia became an official Protectorate of the United Kingdom, with capital in Livingstone. The capital was moved to Lusaka in 1935. Under the Administration of the British South Africa Company, the Administrator had similar powers to those of a colonial governor, except that certain powers were reserved to the High Commissioner for South Africa. There was neither an Executive Council nor a legislative council, but only an Advisory Council, consisting entirely of nominees. The Northern Rhodesia Order in Council, 1924 transferred to the Governor any power or jurisdiction previously held by the Administrator or vested in the High Commissioner