President of Paraguay Santiago Peña announced his resignation on 5 November amid the collapse of Ueno Bank, which left almost 3 million clients without access to their funds. However, parliament has not yet approved his departure from office and has begun impeachment proceedings.
PRESIDENT ANNOUNCED RESIGNATION
According to EFE, Santiago Peña announced his decision to leave office in a video address published on the social network X.
The head of state explained his decision by the need to preserve the country's stability and public calm. He also apologised to citizens and expressed hope that affected depositors would have their funds returned.
WHAT HAPPENED WITH UENO BANK
The crisis began after the Central Bank of Paraguay intervened in the operations of Ueno Bank. The regulator determined that the financial institution's solvency ratio had fallen below half of the established minimum.
The bank served around 2.9 million clients. After the start of its closure procedure, depositors faced blocked accounts and were unable to access their savings. The situation sparked mass protests in the country's capital, Asunción.
WHY PARLIAMENT DID NOT ACCEPT THE RESIGNATION
According to ABC Color, the Chamber of Deputies voted 78 votes unanimously in favour of initiating impeachment proceedings against the president.
Lawmakers accuse Peña of improper performance of duties and an alleged conflict of interest linked to the bank's activities. The president previously held a stake in a company connected to Ueno Bank, but denied any wrongdoing.
Consideration of the resignation was blocked due to a lack of quorum. As a result, Peña formally retained presidential powers, and the proceedings continued in the Senate.
WHAT IS HAPPENING WITH THE IMPEACHMENT
The Senate of Paraguay has begun reviewing the charges. The session at which Santiago Peña is due to present his defence is scheduled for 6 November 2026.
The Senate's decision will determine the president's future status. If removed from office, the powers of head of state will pass to Vice-President Pedro Alliana.
