This partly reflects borrowing-cost differentials. If the local interest rate is 17% per year and the dollar interest rate is 2%, it still makes sense to borrow in dollars as long as the domestic currency is expected to depreciate 15% or less.
这部分反映了借贷成本差。如果本币利率为每年17%而美元利率为2%，那么借入美元仍然有利可图，只要本币不会贬值15%以上。