BBC News: Mark Carney will remain Bank of England governor until the end of January 2020, Chancellor Philip Hammond has told MPs.
Mr Hammond said the seven-month extension would “support a smooth exit” from the European Union.
The extension was agreed in an exchange of letters between the governor and the chancellor published on Wednesday.
Mr Carney said he was “willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England”.
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.
Bradley Fried, chair of the Bank’s Court of Directors, welcomed their decisions to stay on: “Continuity in the outstanding leadership they provide will help the Bank succeed in our crucial work.”
Mr Carney had been due to step down from the role at the end of June 2019 – two years short of the eight-year term governors usually serve.
The Canadian replaced Mervyn King in 2013, becoming the first non-Briton to be appointed governor in the Bank’s 300-year history.