Paraguay’s president resigns amid banking scandal

Paraguay’s President Santiago Peña resigned amid a political crisis triggered by the collapse of Ueno Bank, a major digital lender with reported ties to his government. The bank’s failure left millions unable to access their accounts and fuelled protests and calls for Peña’s removal, putting pressure on the country’s reputation for economic stability.

The central bank intervened after Ueno fell short of minimum solvency requirements. The lender had around three million customers in a country of roughly 6.5 million people; the scandal also drew scrutiny because public money had gone to the bank and Peña had previously held a stake in a company linked to it. Congress was moving towards impeachment as pressure mounted.