Firms and individuals who tapped dollar-denominated loans have been offering banks repayments in local currency and effectively defaulting as they struggle to access dollars, pointing to a persisting foreign exchange (FX) market dysfunction.
The Treasury disclosures to the International Monetary Fund (IMF) show borrowers in sectors such as real estate, transport and communication, and building and construction as well as individuals have been the most hit since they have no other means of accumulating dollars as is the case with exporters.
