South Korea’s foreign reserves shrank by more than a billion dollars last month from a month earlier due to Britain’s decision to part ways with the European Union(EU).

The Bank of Korea said Tuesday that the country’s foreign reserves were worth 369-point-89 billion dollars as of the end of June, down by one-point-01 billion dollars on-month.

It is the first time in three months that South Korea’s foreign reserves dipped below the 370 billion-dollar mark.

The central bank attributed the fall to the decreased values of dollar-denominated foreign currencies, including the British pound, which hit a 31-year low in the wake of the Brexit vote.

Meanwhile, South Korea maintained its position as the world’s seventh largest foreign reserve holder as of the end of May.