It all started this Tuesday when the Central Bank of Paraguay (BCP) ordered the intervention of the digital bank Ueno Bank after detecting that its solvency index fell below 50% of the minimum required. This unleashed a crisis that left state funds and the savings of millions of private clients and retirees frozen. On the same day, users reported that they could not operate through ATMs or online banking. "We proceeded to close the entity, therefore, neither the application, nor the cards, nor any service of the entity is active as of today," confirmed Liana Caballero, member of the BCP Board of Directors, in a press conference. Ueno is one of the country's main banks and, according to its own figures, has 3 million clients, equivalent to 60% of Paraguay's adult population, and manages more than US$800 million of public money, which includes around US$380 million invested by the Paraguayan state pension fund, the Social Security Institute.
Crisis in Paraguay: Congress undertakes a political trial against Santiago Peña and leaves his resignation as president on hold
The president of Paraguay resigned in the midst of the crisis unleashed by the intervention of Ueno Bank. Congress will begin a political trial against Peña this Thursday after not having a quorum to decide whether or not to accept his resignation.
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