"Our job is not to target the exchange rate, our job is to target inflation," Mark Carney he said during a public meeting in the central English city of Nottingham.
"But that doesn't mean we're indifferent to the level of sterling. It does matter, ultimately, (for) inflation and over the course of two to three years out, so it matters to the conduct of monetary policy."
Sterling rose on Carney's comments, giving it a little relief after falling nearly 20 percent against the U.S. dollar since the referendum because of concerns among investors that Britain's economy will suffer from Brexit.
The pound briefly recovered all of the day's losses against the dollar, gaining half a cent to stand at $1.2252 immediately after the remarks. It also rose against the euro.
The BoE has previously signalled it is likely to cut interest rates below their already historic low of 0.25 percent in order to help the economy cope with the shock of the Brexit vote. But since those signals from the Bank, the pound has extended its slump which is likely to further push up the price of imports and Britain's inflation rate.
The BoE's next announcement on rates is due on Nov. 3.
Deputy BoE Governor Ben Broadbent, speaking at a separate public meeting on Friday in the city of Derby, said the fall in the value of the pound was important for inflation, but the BoE had to look at many factors.