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Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)

Chapter 14 : General Treasury Matters

163. 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.