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 of the main railway line was reserved for European settlement and farming. In 1938, it was reported that the Native Reserves were overcrowded, while much of the land reserved for Europeans was unoccupied and unused In 1918, the Privy Council of the United Kingdom had rejected the British South Africa Company claims to unalienated land in Southern Rhodesia, and this raised questions about the company's claim to unalienated land north of the Zambezi. However, the company's claim in Northern Rhodesia was based on concessions granted rather than conquest and, although a Northern Rhodesian parliamentary Committee in 1921 recommended that these