I believe this is similar to issues we face when dealing with tax obligations in multiple currencies. See this topic in the Ideas category.
Perhaps the idea needs to be extended beyond just tax accounts. As with your example of obligations to a social insurance fund, we have a national pension scheme, workers’ accident compensation fund, etc, that are payable in the currency of employee salaries (in our case USD), but are converted to the base currency (in our case ZWL) on Manager’s balance sheet. So, if there are currency fluctuations between the time the obligation is created (ie when the payslips are generated) and the time it is paid, we are left with a non-zero balance in the liability account. Either we just ignore it and live with a perpetual balance there, or we clear it through journal entries by allocating the amount to a custom foreign exchange gains/losses account.