Symbolic imageParaguay's president announces resignation as Ueno bank collapse deepens crisis
President Santiago Peña announced his resignation on Thursday after the central bank seized the digital bank Ueno and froze about 3 million accounts. Congress has not accepted it, and impeachment proceedings continue.
Peña, in office since August 2023, said in a video on X that he was stepping down for the sake of stability and social peace. He held shares in Ueno's parent group until 2025, and Ueno managed an estimated $800m to $850m of state and pension money, according to The Guardian. As deputies debated impeachment on Thursday, 5 November, his own Colorado Party announced it would vote in favour, and ex-president Horacio Cartes also backed it. The Chamber of Deputies then approved impeachment unanimously, with 78 members present, Folha reports. Thousands protested outside Congress in Asunción.
Resignation not yet accepted
A joint session of Congress could not vote on the resignation for lack of quorum after government deputies left the chamber, Le Monde and Folha report, so Peña technically remains president. He says he will appear before the Senate and defend himself, with a first hearing due on Friday.
Payouts and investigations
Central bank chief Carlos Carvallo resigned at Peña's request, and eight Ueno executives are in pre-trial detention, according to Le Monde. Peña signed a law enabling first advance payouts to depositors. Opposition senators also filed an illicit enrichment complaint against him, TASS reports, citing ABC Color.