Santiago Peña submitted his resignation as President of Paraguay amid the crisis over Ueno Bank

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The Central Bank measure sparked protests from savers in Asunción, where customers of the bank demanded answers to difficulties accessing their money and uncertainty about the recovery of deposits.

The crisis also had consequences within the country's financial authorities. Carlos Carvallo, who served as president of the Central Bank and had been an executive of Ueno Bank, resigned after the

bank's intervention.

In addition, the ruling block of the Colorado Party, led by former president Horacio Cartes, withdrew political support and decided to formally support the accusation of impeachment in the Chamber of Deputies.

With the presidential resignation, Paraguay is going through a process of institutional transition and the vice-president, Pedro Alliana, will formally assume the Executive Power.

The president of Paraguay, Santiago Peña, resigned from office on Thursday in the midst of the banking and political crisis triggered by the intervention of Ueno Bank.

The decision was announced by the president himself through a video addressed to citizens, in which he apologized and assured that his priority is to guarantee the peace of mind of savers and protect public resources.

Peña's departure occurred while an impeachment process promoted by sectors of the opposition and also of the ruling party advanced in the Paraguayan Congress.

In the hours before the announcement, Rodolfo Friedmann, a member of the Governing Board of the Colorado Party, had anticipated that the head of state would submit his resignation to the

Legislative Branch.

From the ruling party, they pointed out that the objective is for the current vice-president, Pedro Alliana, to assume the Presidency of the Republic. In that scenario, Senator Antonio Barrios would hold the Vice Presidency

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The banking crisis

The episode that triggered the institutional crisis began on Tuesday, November 3, when the Central Bank of Paraguay ordered the intervention and closure of Ueno Bank due to a serious lack of solvency. The decision had consequences for millions of users who had their savings deposited with the

bank.

According to the data released, nearly three million customers were left without immediate access to their funds, a figure equivalent to almost half of the Paraguayan population. In addition, the situation compromised hundreds of millions of dollars in public funds, including resources from the Social Security Institute (IPS)