Paraguayan President Santiago Pena resigned on Thursday (November 5, 2026) after the takeover of a bank linked to the U.S.-allied leader blocked almost half the population from accessing their money.
He had attempted to ease tensions by requesting the resignation of Central Bank president Carlos Carvallo, who consented, and setting a five-day limit for the return of funds. Neither measure proved sufficient. Thousands of Paraguayans gathered outside Congress on Thursday (November 5, 2026) to protest against the President, who is still technically in power as his resignation awaits parliamentary approval. The right-wing President said he would attend his impeachment trial, which is set to begin on Friday (November 6, 2026), after earlier apologizing to the people of Paraguay. Congress called an extraordinary session of both chambers on Thursday (November 5, 2026) to decide whether to accept Pena’s resignation or reject it and proceed with the impeachment process.
Paraguay’s Central Bank said it took over Ueno due to a severe capital shortfall, in order to “protect depositors and preserve the stability of the financial system.
“It was never my intention to betray the trust you placed in me,” he said in a video posted on X announcing his resignation.
“A criminal scheme has been set up here that has dedicated itself to draining a bank, under the protection of institutions he controlled as president of the republic,” Opposition lawmaker Raul Benitez stated.
