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 for self-determination in 1922, this objection ceased, and in 1927 the Conservative Colonial Secretary, Leo Amery gave Southern Rhodesia settlers the impression that he supported their claim to acquire the more productive parts of Northern Rhodesia. At the end of the First World War, the European population of Northern Rhodesia was tiny, about 3,000 compared with ten times as many in Southern Rhodesia, but it increased rapidly after the discovery of the Copperbelt in the 1920s. Northern Rhodesian settlers wanted self-government for the European minority electorate, separate from Southern Rhodesia. However, once the British government appeared to reject the idea