Paraguayan President Santiago Peña resigns following…

Paraguayan President Santiago Peña resigns following banking crisis

05.11.2026 19:01 HotInfo

Paraguayan President Santiago Peña resigned from office on Thursday, November 5, following the outbreak of a serious banking crisis. He announced the decision at a time when millions of clients were unable to access their accounts after the collapse of the digital bank Ueno. STVR (Minúta po minúte) ↗

Paraguay's central bank took over supervision of Ueno due to a severe capital shortfall. The financial institution reported approximately 2.94 million clients, and the freezing of savings affected nearly half of the country's population. The crisis triggered growing pressure for the president's resignation, and protests also broke out in the country. Index.hu ↗

Peña faced criticism over his long-standing involvement with the bank, which had run into trouble. According to reports in the media, his own political party supported the motion to initiate impeachment proceedings. The Chamber of Deputies was also debating whether to subject the president to constitutional proceedings over his role in the banking scandal. El Mundo ↗

The president stated that he was resigning in the interest of Paraguay's stability. With his resignation, the impeachment process has become immediately moot. Presidential powers are to be assumed by Vice President Pedro Alliana. El Pais ↗

The banking crisis now remains the main political and economic challenge for Paraguay's leadership. Further developments will depend on how the situation at Ueno is resolved, on clients' access to their funds, and on the new president's steps to stabilize the financial system.

This summary was generated by artificial intelligence. It may contain inaccuracies. Please verify information in the original sources below.