The article shows that when central banks in Latin America increase their dollar reserves, non-financial companies in those countries tend to borrow more in dollars. This could be risky because if the local currency loses value, these companies may struggle to repay their debts. So, while having more reserves can help a country deal with economic problems, it can also make its businesses more vulnerable to currency fluctuations. This means central banks need to think about how their actions affect both the government and private companies when they decide how to manage their foreign currency reserves.