South Korea’s foreign reserves decreased for the second consecutive month in May, hitting their lowest point in about five years. 

According to the Bank of Korea(BOK) on Thursday, the nation’s foreign currency reserves stood at 404-point-six billion dollars as of the end of May, down 70 million dollars from a month earlier.

That’s the lowest figure since April 2020, when foreign currency reserves posted 403-point-98 billion dollars.

The BOK attributed the drop to a decline in foreign currency deposits at financial institutions.

As of the end of April, South Korea ranked tenth in the world in terms of foreign exchange reserves. 

China topped the list at over three trillion dollars, followed by Japan, Switzerland and India.