Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)Chapter 14 : General Treasury Matters163. Liabilities and risks payable in foreign currencies |
| (1) | No municipality or municipal entity may incur a liability or risk payable in a foreign currency. |
| (2) | Subsection (1) does not apply— |
| (a) | to debt regulated in terms of section 47; or |
| (b) | to the procurement of goods or services denominated in a foreign currency but the Rand value of which is determined at the time of procurement, or where this is not possible and risk is low, at the time of payment. |