Bank of Zambia had been created as the premier central bank in 1964 to form and enforce economic policy that can sustain and help the growth of the financial position of the nation. Bank of Zambia was earlier called Bank of Northern Rhodesia, which in its turn was formed from Bank of Rhodesia and Nyasaland.
The
history of Bank of Zambia tells us of its continuous growth and prosperity. It shows how the Bank of Zambia commenced services with around hundred personnel ordered around only 2 sections, as follows the Secretary's department and the General Manager's or Chief Cashier's department. The former was accountable to the Governor for currency issue, government securities, fiscal policy execution, banking, foreign exchange management and exchange control. The Secretary was answerable for administration, the Board, internal auditing and personnel.
Responsibilities of Bank of Zambia have undergone sea change since those days, presently the bank has around 11 individual departments inclusive of :
- Research, one of the earliest banks to establish a research wing, the bank benefited immensely from it.
- Personnel and Administration has helped the bank maintain super motivated employees who believe in the credo of service with a smile.
- Import and Export Control has helped the bank control the impact of the outside world on its economy.
- Operations is the largest department in the bank.
- Exchange Control is the instrument of foreign currency control.
- Inspection helps the bank to keep a tab on both its creditors and debtors.
- Estate and Properties consolidates the banks position in the real estate market.
- National Debt is regulated efficiently.
- Small Scale Industries provides loans and extends credit.
- Government Securities provide a means of tax rebated incomes.
- Transport helps the company to operate in the transport market.
Affiliates of Bank of Zambia are those banks and financial institutions which are supported by and extend support to the Bank of Zambia. In other words these financial establishments are the controllers of Zambian economy, in that they control a huge stake in all its money markets, whether primary, secondary or tertiary.
