- Bank of Zambia
The Bank of Zambia is the
central bank ofZambia . According to its website, the principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country.The bank's offices are located in
Lusaka .History
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 includedNorthern Rhodesia (present-day Zambia) andNyasaland (present-dayMalawi ).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 theBank 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 from theLusaka branch of the Rhodesia/Nyasaland bank.After its creation, and after the passage of the
Bank of Zambia Act in 1965, the bank grew and was successful down through the decades. According to its website, the bank acquired an equity stake in theDevelopment Bank of Zambia and theZambia National Commercial Bank and was even considering diversifying into the agricultural sector.In 1991, the
Movement for Multiparty Democracy (MMD) came to power in Zambia, replacing theUnited National Independence Party (UNIP) which had ruled for 27 years. The new government's fiscal priorities included liberalization and privatization, which included the Zambian copper industry and Zambian Consolidated Copper Mines (ZCCM ), the big company that controlled copper production in Zambia.ee also
*
Central banks and currencies of Africa
*Economy of Zambia
*List of central banks
*Zambian kwacha , the unit of currencyExternal links
* [http://www.boz.zm/ Official site: Bank of Zambia]
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