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
Southern Rhodesia Dominion created the paradoxical situation of having a white elite owning most of the land and capital, whilst using cheap black labour. The Federation of Rhodesia and Nyasaland was dissolved on 1 January 1964. However, it was expected that only Nyasaland would be let go, whilst the remainder of Rhodesia both north and south would be united. Although Northern Rhodesia had a white population of over 100,000, as well as additional British military and civil units and their dependents, most of these were relatively new to the region, were primarily in the extraction business, had little landed interests, and were