Background & History
Explore the rich history and evolution of the Bank of Zambia since its establishment in 1964.
Our Journey
The Bank of Zambia was established on October 7, 1964, just weeks before Zambia gained independence. It was created to take over the functions of the Central Bank of Rhodesia and Nyasaland, which had served the Federation of Rhodesia and Nyasaland.
Over the past six decades, the Bank has evolved from a nascent institution managing the monetary affairs of a newly independent nation to a modern central bank at the forefront of financial innovation and stability.
Today, the Bank of Zambia continues to fulfill its mandate of maintaining price and financial system stability while adapting to the challenges and opportunities of the 21st century economy.
Key Milestones
Establishment
The Bank of Zambia was established by the Bank of Zambia Act of 1964, shortly after Zambia gained independence on October 24, 1964.
First Currency
The Bank issued Zambia's first national currency, replacing the Rhodesian pound with the Zambian pound.
Decimal Currency
Introduction of the Kwacha as Zambia's decimal currency, replacing the Zambian pound.
Banking Act
Enactment of the Banking and Financial Services Act to strengthen financial sector regulation.
Liberalization
Full liberalization of interest rates and exchange rate determination.
Rebasing
Rebasing of the Kwacha with removal of three zeros from the currency.
Rebasing 2
Further rebasing of the Kwacha with removal of three additional zeros.
Digital Innovation
Launch of the National Financial Switch and enhanced digital payment infrastructure.
Key Achievements
Price Stability
Maintained single-digit inflation for multiple consecutive years
Financial Inclusion
Expanded access to financial services to over 60% of the adult population
Supervision
Effective regulation of over 30 licensed financial institutions
60 Years
Six decades of central banking excellence since 1964