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 Northern Rhodesia. Welensky led a move in the Legislative Council to restrict the British South Africa Company's mineral rights which garnered African support; the Company agreed in 1949 to assign 20% of its revenues to the Government, and to transfer all its remaining rights in 1986. As early as 1915, the British South Africa Company proposed amalgamating Southern Rhodesia and Northern Rhodesia, but this was rejected by the Southern Rhodesian legislature in 1917, as it might have prevented Southern Rhodesia obtaining self-government. This option was again rejected in 1921, for the same reason. After the Southern Rhodesian electorate voted