First published in 1967, this is a unique study of the establishment of the Bank of Rhodesia and Nyasland – a central bank and London-type money market in a financially externally dependent economy.
The book deals with the adaptation and initiation of financial institutions in a developing country previously completely dependent on external financial centres and externally controlled financial institutions. Dr Sowelem’s authoritative and detailed study provides valuable information on the inter-related questions of central bank control and the development of specialist money markets in developing countries.
R.A. Sowelem, University of Leeds. Foreword by W.T. Newlyn, Professor of Development Economics, University of Leeds.