Paraguayan President Announces Resignation After Ueno Bank Crisis

Dragon Media News Desk

Paraguayan President Santiago Peña has announced that he will resign following the crisis at Ueno Bank, which has left nearly three million customers unable to access their accounts and triggered financial and political turmoil.

“I have made the decision to resign from the office of the president of the republic. I do so with the stability of our country in mind,” Peña said.

The Central Bank of Paraguay placed Ueno Bank under resolution after finding that it had fallen below the minimum capital adequacy requirement. Customers’ accounts and transactions were frozen. The bank also held substantial funds belonging to public institutions and pension funds, according to reports.

After Peña announced his resignation, the lower house voted unanimously to advance impeachment proceedings against him. The Senate will decide whether to accept his resignation or continue the impeachment process.

Opposition lawmakers have filed a complaint with the Office of the Attorney General, accusing Peña of illicit enrichment and conflicts of interest in connection with the bank. The allegations are under investigation.