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
Southern Rhodesia which was situated on the Southern Rhodesian side of the Zambezi Gorge. This situation caused some embarrassment for the Zambian government later when it was a "front line state" in support of insurgents into Rhodesia in that its major source of electric power was controlled by the Rhodesian state. With the protectorate of Northern Rhodesia no longer in existence, in 1964 Southern Rhodesia reverted to the name "Rhodesia" (see next section). In 1965, Rhodesia unilaterally declared itself independent under a white-dominated government led by Ian Smith. After a long civil war between the white (until 1979) government and two African