Annual report on Northern Rhodesia / Colonial Office.

  • Great Britain. Colonial Office.
Date:
[1961]
Catalogue details

Licence: Public Domain Mark

Credit: Annual report on Northern Rhodesia / Colonial Office. Source: Wellcome Collection.

    23/158 (page 21)
    Chapter 4: Currency and Banking CURRENCY The Bank of Rhodesia and Nyasaland was established on 15th March, 1956, as a central bank with wide powers and functions. The bank acts as a banker to both the Federal Government and the Territorial Government. It is empowered to regulate the issue of currency, to control banking, to buy, sell and deal in gold and foreign currencies and to exercise functions relating to exchange control. In addition, it may, subject to prescribed conditions, accept money on current account, grant loans and advances, buy, sell and discount bills of exchange, and issue, underwrite and manage loans for the Federal Govern¬ ment, the territorial governments, or other bodies corporate established under the authority of any federal or territorial law. The Bank of Rhodesia and Nyasaland took over the assets of the Central African Currency Board on 1st April, 1956, and it has the sole right to make or to issue bank notes, currency notes and coin within the Federation. Formerly the currency used was issued by the Southern Rhodesia Currency Board and was common to Southern Rhodesia, Northern Rhodesia and Nyasaland. The denominations were 10s., £1, £5 and £10 notes, cupro-nickel or copper halfpennies and pennies and cupro-nickel or silver threepenny pieces, sixpences, shillings, florins and half-crowns. On 23rd April, 1957, however, the Bank of Rhodesia and Nyasaland commenced the issue of its own notes. A fresh range of coinage similar in demonination to that previ¬ ously in use was introduced. The two types of currency now circulate together, but the new will gradually replace the old as the latter becomes unfit for circulation. United Kingdom Currency Bank of England and United Kingdom currency notes are no longer accepted. United Kingdom coinage ceased to be legal tender after 31st December, 1954. Foreign and Other Currencies Foreign currency is not legal tender. East African Currency Board notes and coin imported by Africans are accepted by the Government in small quantities and are exchanged at par for Central African notes and coin collected in Tanganyika. Silver coin of the Republic of South Africa is accepted by the Government from Africans and is repatriated at Govern¬ ment expense.