 The Bank of Zambia has origins 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.