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 small European minority: Northern Rhodesia had no elected representation while under BSAC rule. There were five nominated members: four represented the former North-Western Rhodesia and one represented North-Eastern Rhodesia. Hut tax was first collected in North-Eastern Rhodesia in 1901 and was slowly extended through North-Western Rhodesia between 1904 and 1913. It was charged at different rates in different districts, but was supposed to be equivalent to two months' wages, to encourage or force local Africans into the system of wage labour. Its introduction generally caused little unrest, and any protests were quickly suppressed. Before 1920, it was commonly charged at