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 to justify the capital cost of building a railway to the coast, but expeditions between 1899 and 1901 proved their value. Copper deposits found in Northern Rhodesia before the First World War proved uneconomic to develop. In 1906 Union Minière du Haut Katanga was formed to exploit the Katanga mines. King Leopold wanted a railway entirely in Congolese territory, linked to the Congo River, but in 1908, he agreed with the British South Africa Company to continue the Rhodesian railway to Elizabethville and the mines. Between 1912, when full-scale copper production began, until 1928 when a Congolese line was completed,