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 representatives to the Advisory Council, limiting them to a few nominated members. Following a judgement by the Privy Council that the land in Southern Rhodesia belonged to the British Crown not BSAC, opinion among settlers in Southern Rhodesia turned to favour responsible government and in 1923 this was granted. This left Northern Rhodesia in a difficult position since the British South Africa Company had believed it owned the land in both territories and some settlers suggested that the ownership in Northern Rhodesia should also be referred to the Privy Council. However, the British South Africa Company insisted that its claims