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 Ila and plateau Tonga peoples, but the United National Independence Party was dominant elsewhere. Roy Welensky, a Northern Rhodesian settler who was the Federal Prime Minister from November 1956 had convinced Alan Lennox-Boyd, Colonial Secretary from 1954 to 1959, to support Federation and to agree that the pace of African advancement would be gradual. This remained the view of the British cabinet under Harold Macmillan until after the declaration of the States of emergency, when it decided to set up a Royal Commission on the future of the Federation of Rhodesia and Nyasaland to be held in 1960. This became