Costa Rica’s net international reserves reached a record high of USD 14.28 billion, constituting 16.6% of the country’s GDP, driven by the central bank’s (BCCR) increased FX purchases, accumulating USD 3 billion since the end of September. Meanwhile, despite calls from analysts, BCCR Governor Madrigal has dismissed the idea of early repayment of a USD 1.1 bln loan from the Latin American Reserves Fund (FLAR), originally obtained during a period of limited FX liquidity.