by John Moe
Monday, 17 November 2008 18:34
Singapore (Mizzima): Over recent years, millions of Singapore dollars have found their way to Burma through the Burmese remittance system, the nexus of the operation being run out of shops and human resources agencies in the heartland of the Lion City.
However, owing to the global financial crisis that burst upon the international stage this September, the Singapore-Burmese remittance link has suffered. With Singapore officially announcing in October that it is in a state of recession, Burmese working, or hoping to find work in the city, have found the going increasingly difficult.
A businessman from Peninsula Plaza, wishing to remain anonymous, told Mizzima, "Business has been affected and worse times are yet to come, the effect is huge for Burmese exporters, especially for those regularly trading with Singapore in rubber, gems, woods and agricultural products." [Read more]
No comments:
Post a Comment