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Santiago Peña announces his resignation as president of Paraguay amid Ueno Bank crisis

The president announced his decision in a video posted on X, after the opposition filed a resolution to initiate impeachment proceedings against him. Peña stated that his priority is to preserve the country's stability and protect the savings of Paraguayans.

Santiago Peña, presidente de Paraguay

Photo of the Paraguayan PresidentRicardo Stuckert / G20 Press Office / AFP

Williams Perdomo
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Williams Perdomo

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Paraguayan President Santiago Peña announced his resignation on Thursday amid the political and financial crisis sparked by the Ueno Bank case.

"I have decided to submit my resignation as president of the republic," the president announced in a video posted on his X account, in which he justified his decision by citing the need to preserve national stability, social peace and democratic institutions.

"I am doing this with the stability of our country, social peace and the need to preserve our democratic institutions in mind," stated Peña, who also expressed his respect for the National Constitution and institutional mechanisms. "I am convinced that no office can take precedence over the well-being of Paraguay," he added.

The announcement came after the opposition filed a resolution to initiate impeachment proceedings against the president.

"Today I have only one priority: the peace of mind of the Paraguayan people"

The decision comes one day after the Central Bank of Paraguay (BCP) ordered the liquidation of Ueno Bank, a financial institution whose crisis sparked intense political controversy. According to ABC Color, Peña was a shareholder of Ueno Holding until 2025. In his statement, the president placed special emphasis on the situation of depositors and the need to ensure the protection of their funds.

"Today I have only one priority: the peace of mind of the Paraguayan people who entrusted their savings to our financial system," he said. "Behind every deposit lie years of effort, sacrifice and family plans," he added. Peña also expressed his hope that the growth growth those funds be guaranteed, that the Deposit Insurance Fund fulfill its purpose, and that public funds and citizens' assets are protected.

During his remarks, the president apologized to the Paraguayan people if he had ever failed them and assured them that he never intended to betray the trust placed in him. "Every day I took on this responsibility with the determination to work for Paraguay," he said.

Peña, who took office as president on Aug. 15, 2023, and was scheduled to remain in office until 2028, called on the strength of institutions and national unity to address the crisis.

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