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The Bank of Zambia was established to take over from the Bank of Northern Rhodesia on the 7th of August,1964 although its Act was only passed in June, 1965. The Bank of Northern Rhodesia was itself constituted from the Lusaka branch (established in September, 1961) of the Bank of Rhodesia and Nyasaland after it broke up together with the Federation of Rhodesia and Nyasaland on the 31st of December, 1963. The principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country.
Chairman: Dr. Michael M. Gondwe