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 further white minority governments in Africa, talk of amalgamation resumed. In 1927, the British government appointed the Hilton Young Commission on the possible closer union of the British territories in East and Central Africa. Its majority thought that Northern Rhodesia and Nyasaland should seek closer links with East Africa, but the minority report favoured linking these two territories with Southern Rhodesia on economic grounds. Even before the Commission's report was published, there were discussions between the Northern Rhodesian settlers and the Southern Rhodesian government on the terms of a total union of the two Rhodesias as a single colony.