March 23, 2018 / 4:11 PM / a month ago

Fed's 2017 profit payments to Treasury fall to $80.6 billion

WASHINGTON (Reuters) - The U.S. Federal Reserve said on Friday its remittances to the U.S. Treasury fell to $80.6 billion in 2017, in part because the central bank made larger interest payments to financial institutions.

FILE PHOTO: The seal for the Board of Governors of the Federal Reserve System is on display in Washington, DC, U.S., June 14, 2017. REUTERS/Joshua Roberts/File Photo

The Fed regularly transfers its profits, known as remittances, to the Treasury Department in what amounts to payments to U.S. taxpayers.

In 2016, the Fed sent $91.5 billion to the Treasury.

In its audited estimate of its 2017 results, the Fed said its interest expenses on the reserves and term deposits of depository institutions rose by $13.8 billion last year.

Reporting by Jason Lange; Editing by Andrea Ricci

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