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 no further white minority governments would be permitted, dismissing settler aspirations of self-government in Kenya and Northern Rhodesia. This turned Northern Rhodesian Europeans against association with East Africa towards union with Southern Rhodesia. In 1933, a substantial minority in the Northern Rhodesian legislature favoured amalgamation with Southern Rhodesia, despite vigorous African opposition. However, the majority of settlers were still cautious about being marginalised by the much greater numbers of Europeans in Southern Rhodesia. From 1943, six Provincial Councils were set up to form a second tier of African representative institutions above the Native Authorities. These were purely advisory bodies, whose