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 Despite the almost unanimous African opposition to amalgamation with Southern Rhodesia, the Commission advocated it at some time in the future, However, a majority of Commission members ruled amalgamation out as an immediate possibility, because of African concerns and objections. This majority favoured an early union of Northern Rhodesia and Nyasaland into one unit which would co-operate economically with Southern Rhodesia as a possible first step to uniting all three territories later. Northern Rhodesia's white population were severely disappointed, but the outbreak of World War II fundamentally changed the economic and political situation, as Northern Rhodesian copper became a vital