Paraguay turmoil: Digital bank collapse and president resigns

The President of Paraguay has resigned following the collapse of a digital bank, an event that triggered volatility in the local market and a rush to other banks.

Political and economic turmoil in Paraguay: Following the collapse of a digital bank, the country's president announced his resignation, as reported by Calcalist and Infobae. The dramatic move comes against a backdrop of instability in local markets. Concurrently, it was reported that the pressure on the banking system led to heavy traffic at Banco GNB, where technical glitches were recorded in the digital application following a rush of customers seeking to open new accounts in light of the events. Further details regarding the implications of the resignation and the financial crisis have not yet been released.