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 Rhodesian settlers were only prepared to join Southern Rhodesia if there were no other way to achieve minority rule. When Northern Rhodesia's mining industry suffered a major downturn in the 1930s, its representatives pushed for amalgamation in January 1936 at Victoria Falls, but the Southern Rhodesian Labour Party who blocked it, because the British government objected to Southern Rhodesian policies of job reservation and segregation being applied in the north. Shortly after the Copperbelt strike of 1935 there was an election to the legislative council, in which all candidates supported investigating the amalgamation of Northern and Southern Rhodesia. After