Sunday, April 20, 2014
In 1962, Libya issued a souvenir sheet in celebration of the Tripoli International Fair (Scott #217a). 20,000 sheets were issued, and Scott '14 prices the unused sheet at $65.00.
The sheet represents an inexpensive bet on the future stability and economic growth of Libya.
A nation of about 6.4 million people, Libya depends mostly upon oil exports, and has reserves in excess of 44 billion barrels of oil and 54 trillion cubic feet of natural gas. Since the recent revolution which disposed of
dictator Muammar Gaddafi, Libyans voted in parliamentary elections and drafted a new constitution, but the country has experienced a difficult period of transition, marked by lawlessness, security issues, and regional factionalism. Annual GDP growth has averaged 4% over the last 5 years, and with a little luck, more of that prosperity will be spread among the Libyan people in the future.