Tuesday Apr 21, 2026
Tuesday Apr 21, 2026
Tuesday, 21 April 2026 02:30 - - {{hitsCtrl.values.hits}}
Dr. Mark Mobius (left) with the writer Nivard Cabraal during a meeting in Colombo (File photo)
By Nivard Cabraal
It is with great sadness that I just learnt about the demise of Mark Mobius, a dear friend, Executive Chairman of Templeton Emerging Markets Group, and the legendary emerging markets investor.
Mark Mobius and I developed a professional relationship and a friendship, built on shared values and mutual respect, particularly during the post-conflict era of Sri Lanka’s economic development around 2009-2010.
He trusted Sri Lanka’s sovereign debt and economic potential, when many foreign investors were skeptical, and the Templeton Emerging Markets Group, under his leadership, purchased nearly $ 1 billion in Treasury Bonds in the years following 2009. If my memory serves me right, I think foreign investors including Templeton held about $3.4 billion as investments in Sri Lankan Government Securities by end 2014.
Templeton’s confidence in the Sri Lankan paper was often based on Mark’s regular high-level discussions with me when I served as the Central Bank Governor, and his confidence in the Sri Lankan economy at that time also helped Sri Lankan entities to attract other equity and fixed market investments, as well. After our meetings, Mark often endorsed our policies in his public pronouncements whilst also expressing confidence in the Sri Lankan Rupee’s stability, emphasising that the currency stability was based on confidence in the economy and not just on the interest rates.
Mark’s support of our post-war strategy of leveraging foreign inflows to fund infrastructure, was a key cornerstone for the optimistic outlook in our economy. With his demise, Sri Lanka has lost an invaluable partner
Overall, Mark’s support of our post-war strategy of leveraging foreign inflows to fund infrastructure, was a key cornerstone for the optimistic outlook in our economy. In that context, his advocacy and support for our policies of maintaining a stable exchange rate and low interest rates to support economic growth, was very helpful in shaping Sri Lanka’s financial landscape at that time.
Even after I relinquished duties as Governor in early January 2015, Mark and I maintained a professional dialogue, and in December 2019, we met again when I was serving as the Prime Minister’s Senior Advisor on Economic Affairs. At that meeting, we were able to discuss how to attract further equity and fixed-income investments including investments in Government Securities to Sri Lanka. In fact, I remember Mark strongly endorsing the implementation of lower tax rates and lower interest rates, which we both agreed were necessary at that time to boost the negative economic growth that was being experienced by end December 2019.
I consider Dr Mark Mobius as a key figure in the history of Sri Lanka’s post-war economic development, particularly in stimulating foreign investment in government securities between 2009 and 2015, and with his demise, Sri Lanka has lost an invaluable partner, and I have lost a respected friend.
May the turf lie gently upon Dr Mark Mobius and may he rest in eternal peace.
