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 were unchallengeable and persuaded the United Kingdom government to enter into direct negotiations over the future administration of Northern Rhodesia. As a result, a settlement was achieved by which Northern Rhodesia remained a protectorate but came under the British government, with its administrative machinery taken over by the Colonial Office, while the British South Africa Company retained extensive areas of freehold property and the protectorate's mineral rights. It was also agreed that half of the proceeds of land sales in the former North-Western Rhodesia would go to the Company. On 1 April 1924, Herbert Stanley was appointed as Governor and