"I can tell the House today that the governor has agreed, despite various personal pressures to conclude his term in June, that he will continue until the end of January 2020 in order to help support continuity in our economy during this period".
Though Carney's six-month extension is shorter than expected - most were predicting he would carry on for another full year - the decision reduces one uncertainty surrounding Brexit.
Carney focused heavily on minimising financial market turmoil in the run-up to June 2016's European Union referendum and has warned since of the costs of a disorderly Brexit, drawing fire from Brexit supporters.
In a statement released by the Treasury, Hammond said: "I'm delighted that the governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union and provide vital stability for our economy".
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Deputy Governor Jon Cunliffe would serve a second five-year term until October 2023, Hammond added. "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".
"It is an important time and we have an important supportive role to make sure whatever Brexit the government negotiates, it is a success, and providing a measure of continuity should help that".
Carney, who was due to step down in June next year, will now stay on as governor until January 2020, the Treasury said.
The extension isn't the first of Carney's tenure at Threadneedle Street.