It won't work since smarty tags won't be processed. You'd probably have to set a variable in your text like ##yourvariable## and then in your home.php file use something like:
Code:
if ($current_category['description'] != '')
$current_category['description'] = str_replace('##yourvariable##',func_get_langvar_by_name('lbl_my_text'),$current_category['description']);