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 BSAC claimed to own mineral rights over the whole of Northern Rhodesia under concessions granted between 1890 and 1910 by Lewanika covering a poorly defined area of North-Western Rhodesia or negotiated by Joseph Thomson and Alfred Sharpe in 1890 and 1891 with local chiefs in a disputed area of North-Eastern Rhodesia. This claim was accepted by the British Government. After the Charter ended, BSAC joined a group of nine South African and British companies which financed the development of Nchanga Mines, to prevent them falling under US control. However, its main concern was to receive royalties. However significant they were,