ANKARA, Aug 9 Reuters Turkey39;s net foreign exchange reserves surged nearly 5 billion last week, with total reserves up almost 2 billion, bankers39; calculations showed on Wednesday, resuming an uptrend since it adopted a more orthodox monetary policy following May elections.

The rebuilding of the central bank39;s currency buffer is seen as a gauge of authorities39; willingness to ease controls on the lira, which has tumbled 26 since President Tayyip Erdogan was reelected but held firm in recent weeks.

The bank39;s reserves slumped to minus 5.7 billion in early June, their lowest since data publication began in 2002, as authorities sought to counter forex demand and stabilise the lira over the election period.

They have since recovered strongly.

According to calculations by five bankers, obtained by Reuters, net reserves rose 4.9 billion to 15.8 billion last week, while total reserves climbed to 115.6 billion. The bank will announce official data at 230 p.m. 1130 GMT on Thursday.

Under an unorthodox policy advocated by Erdogan, the central bank slashed its benchmark interest rate to 8.5 in February from 19 in 2021 despite high inflation, triggering a lira crisis.

But under new Governor Hafize Gaye Erkan, it has hiked the rate by 900 basis points in the last two months.

The recent uptrend in reserves reversed in the week to July 28, with net forex falling 2.8 billion to 10.89 billion.

Under measures introduced last year, the central bank boosted reserves by buying…