Sir Jon Cunliffe, Bank of England deputy governor with responsibility for financial stability, has also been re-appointed for a second five-year term that will last until October 2023.
It would have left him in the hot seat for just three months after Britain formally leaves the European Union in March, leaving a newcomer to navigate the aftermath of the divorce.
"Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England and I can confirm that I would be honoured to extend my term to January 2020".
Speaking in parliament, chancellor Hammond said that he wanted to extend Carney's stay in order, "to ensure continuity during what could be quite a turbulent period for our economy in the early summer of 2019".
The Bank of England has twice hiked interest rates under Carney's watch, most recently in August. Following Britain's Brexit vote, he agreed to remain in place an additional year to the end of June.
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Concerns have grown over recent months that the United Kingdom and European Union are potentially headed for a "no deal" Brexit which could well induce further significant market stresses, of which Sterling would likely bear the brunt. The sooner the Government provides clarity, the better.
The extension isn't the first of Carney's tenure at Threadneedle Street.
Mark Carney is sticking around for Brexit.
He added that there were "limits" to what monetary policy could do to help ease the price shock for Britons.
"I think a governor who is leaving at the end of June with his bags already packed would be in a poor situation to represent the U.K.in what might be some critical and time-critical negotiations over that period, trying to find practical solutions to situations that might arise", Hammond said.