The Minister of Economy and Trade Mohammed Al-Huwaij issued decree No. 216 of 2022 regarding the adoption of the financial regulations of the Chamber of Commerce, Industry and Agriculture, Tripoli.
The decree stipulates that this regulation shall regulate the financial affairs of the Chamber, and that the Management Committee, based on a proposal from the Chairman of the Management Committee, shall issue a decree specifying the powers of the administrative levels in approving the disbursement of financial amounts or commitment to them, in line with the workload and achieving sound internal control. The Chamber’s fiscal year begins with the beginning of the state’s fiscal year and ends with its end.
Also, the exchange of cheques should take place in cash if circumstances require. Treasurers are prohibited from depositing any amount or document with a cash value that belongs to others in the chamber’s treasuries, and that the cheques should be signed by the general manager or the financial manager, and that the chamber’s accounting system is based on the accrual principle in determining expenses.
As for the final accounts and the balance sheet, according to the decree, the Chamber prepares, at the end of each fiscal year, a balance sheet that shows the real financial position on the closing date, the separation between administrative and capital expenditures, as well as obtaining approvals from banks regarding current account balances.
It also stipulated, with regard to the advances item, that the value of the advances shall not exceed 10 thousand dinars by submitting trust bonds in favor of the Chamber, the value of which is paid in monthly installments starting from the month following its disbursement, with no more than 25 percent of the total salary.