Banking Crisis in Paraguay

The Central Bank of Paraguay has initiated the liquidation of Ueno Bank, the country's largest digital credit institution. The credit organization serviced approximately 3 million clients, representing nearly half of the state's population.

Clients lost access to accounts holding personal savings and $380 million from the state pension fund.

The financial collapse triggered a wave of mass protests across the country. As a result, the head of the Central Bank resigned, and an investigation into the bank's management was opened.

• Mass citizen protests due to loss of access to funds
• Resignation of the Head of the Central Bank of Paraguay
• Investigation into the activities of Ueno Bank's management
• Impeachment initiative against President Santiago Peña by the opposition

Opposition forces linked the crisis to the bank's owners and demanded the impeachment of incumbent President Santiago Peña. Authorities assured depositors that all their funds would be returned.