The early establishment of the Bank was promoted by an agreement of the British Government (acting for the still colonial members of the British Caribbean Currency Board (BCCB) and the Trinidad & Tobago Government), for the dissolution of the BCCB by mid-1967 and the cessation of issuance of currency after 1965.

[5] In December 2019, the Bank of Guyana became the managing body of the country's first sovereign wealth fund.

The later revisions significantly enhanced the role and purpose of the Bank within the framework of Guyana's economic and financial system.

Additionally, they imparted greater autonomy to the Bank in terms of its constitution, administration and operations.

To date, the Bank has maintained De La Rue and the Royal Mint as suppliers of the nation's currency.

The Bank began under the leadership of its first Governor, Dr. Horst Bockelman, who was seconded from the Deutsche Bundesbank, Germany.

He was an ex-officio member of the Board of Directors as a result of his post of Secretary to the Treasury, Ministry of Finance and later served briefly as Deputy Governor.