South Korea’s foreign reserves increased in March for the first time in three months but stayed below 410 billion U.S. dollars. 

According to the Bank of Korea(BOK) on Thursday, the nation’s foreign currency reserves stood at 409-point-66 billion dollars as of the end of March, up 450 million dollars from a month earlier.

The reserves rebounded from their lowest level in nearly five years, posting growth for the first time in three months, but nevertheless remained below 410 billion dollars for two straight months. 

The BOK attributed the turnaround to an increase in foreign currency deposits at financial institutions in line with an end-of-quarter requirement from the Bank for International Settlements. 

As of the end of February, 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.