South Korea’s foreign reserves fell below 410 billion U.S. dollars last month and hit their lowest point in nearly five years. 

According to the Bank of Korea(BOK) on Thursday, the nation’s foreign currency reserves stood at 409-point-21 billion dollars as of the end of February, down one-point-eight billion dollars from a month earlier.

It marks the lowest figure since May 2020, when it posted 407-point-three billion dollars. 

The BOK said that despite an increase in the converted value of non-dollar assets with the depreciation of the U.S. currency, the foreign exchange reserves fell due to the central bank’s foreign currency swap with the country’s national pension fund.

As of the end of January, South Korea ranked ninth in the world in terms of foreign exchange reserves, with China topping the list at over three trillion dollars, followed by Japan, Switzerland and India.