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 these copper deposits could not be exploited commercially until the Southern Rhodesian railway had extended across the Zambezi and continued northward, to reach the Belgian Congo border, which it did in 1909. By that time, mining had started in Katanga, where rich copper oxide ores occurred near the surface. In Northern Rhodesia, the surface ores were of poorer quality, and copper was only worked intermittently at Bwana Mkubwa, until in 1924 rich copper sulphide ores were discovered about 100 feet below the surface. Prior to 1924, there had not been significant exploitation of Northern Rhodesia's mineral resources: there was some