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).
Starting its operations after the restoration of independence of the State of Lithuania, the Bank of Lithuania that was established on 1 March 1990 continued the traditions of the country’s central bank which had already been operating in the interwar period. It was governed by Bronius Povilaitis (1990), Vilius Baldišis (1990–1993), Romualdas Visokavičius (1993), Kazys Ratkevičius (1993–1996), Reinoldijus Šarkinas (1996–2011), and Vitas Vasiliauskas (2011–2021). Currently, the Chair of the Board of the Bank of Lithuania is Gediminas Šimkus (since 2021).