Paraguay President Resigns Amidst Ueno Bank Collapse Crisis

Hindustan Times · world

Paraguayan President Santiago Pena has resigned following a banking crisis at ueno bank, which has left nearly half the country's population unable to access their funds. Congress has put his resignation on hold due to ongoing impeachment proceedings, meaning he will temporarily remain in office. The digital bank, ueno, which rapidly expanded with attractive offers and sponsorships, faced regulatory scrutiny over allegations of excessive loans. The Central Bank seized control of ueno to protect depositors and ensure financial stability, issuing arrest warrants for executives.