ASUNCIÓN: Paraguayan President Santiago Peña has submitted his resignation amid a growing financial and political crisis triggered by the collapse of Ueno Bank, which left millions of customers unable to access their savings.
Peña announced his decision on Thursday, November 5, 2026, as lawmakers moved forward with impeachment proceedings against him following mounting public pressure and the loss of support within his ruling Colorado Party.
The crisis erupted after Paraguay’s Central Bank intervened in Ueno Bank over serious financial and solvency concerns. The bank, which served approximately 2.9 million customers, also held substantial public funds, including money linked to state institutions and pension resources.
Peña faced questions over his previous business ties to the bank’s parent company, Grupo Vázquez, from which he said he sold his stake in March 2025. Opposition lawmakers accused him of conflicts of interest and mishandling public funds, allegations he has denied.
Meanwhile, protests erupted in the capital, Asunción, with demonstrators demanding accountability and the return of their frozen savings.
Paraguay’s Chamber of Deputies subsequently approved impeachment proceedings against Peña and rejected his resignation, leaving the final decision in the hands of the Senate. Vice President Pedro Alliana is next in line to assume the presidency if Peña’s departure is formally completed.
