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

Chapter 14 : General Treasury Matters

Purchase

(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.