The Bank of Lithuania started operating in 1922. Its first Governor, appointed by decree of the President of the Republic of Lithuania, was Prof Vladas Jurgutis, who governed the bank until 1929. Later, it was governed by Vladas Stašinskas (1930–1939), Juozas Tūbelis (1939), and Juozas Paknys (1939–1940).
Re-established on 1 March 1990, the Bank of Lithuania continued the traditions of the country’s central bank that had already been operating in the interwar period, starting its operations after the restoration of Independence of the State of Lithuania. It was first governed by Bronius Povilaitis (1990), Vilius Baldišis (1990–1993), Romualdas Visokavičius (1993), Kazys Ratkevičius (1993–1996), and Reinoldijus Šarkinas (1996–2011). Currently, the Chair of the Board of the Bank of Lithuania is Vitas Vasiliauskas (since 2011).