The total reserves of the Turkish central bank surged by $4.7 billion (TL 152 billion) on a weekly basis to reach $139.12 billion through May 17, which marked the highest since January, the official data showed Thursday.

Foreign exchange reserves went up by $4.35 billion to $78.55 billion, while gold reserves rose by $377 million to $60.6 billion over the same period, the bank said.

Reserves have sharply risen in the past three weeks, and the recovery in net international reserves has also persisted.

The recovery saw the net reserves increase from $30.87 billion to $33.84 billion in the week to May 17, according to the data.

In the relevant period, net reserves excluding swaps were recorded at minus $14.8 billion, compared to minus $23.6 billion the previous week.

The resurgence in reserves comes amid concerted efforts by the he Central Bank of the Republic of Türkiye (CBRT) to amass foreign currency amid heightened foreign interest and diminishing foreign exchange demand.

During the last seven months, the reserve increase exceeded $50 billion.

Reserves were at $141 billion at the end of last year and $98.5 billion in May 2023.