October 25, 2017 / 12:48 PM / in 2 months

SNB profit, savings push Swiss budget surplus to 800 mln Sfr

ZURICH, Oct 25 (Reuters) - The Swiss government expects a budget surplus of around 800 million Swiss francs ($807 million) for 2017, it said on Wednesday, against previous expectations for a deficit of 250 million, thanks to a big payout from the Swiss National Bank.

The SNB, which made a profit of 24.48 billion francs last year from the massive investments built up in its campaign to restrain the Swiss franc, paid Bern 580 million francs this year from the windfall.

The government is also expected to spend 600 million francs less during 2017 as departments trim costs, pushing its ledgers further into the black.

The anticipated surplus marks an improvement from the last budget projection made in June, when the government forecast a surplus of 500 million francs. ($1 = 0.9918 Swiss francs) (Reporting by John Revill, editing by John Miller)

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