ASUNCIÓN, November 6. /Dunyo IA/. Paraguayan President Santiago Peña has announced his resignation in a video address posted on social media amid a banking crisis and mass protests triggered by the collapse of local bank Ueno, reports Dunyo IA correspondent, citing the BBC.

The bank suspended operations and was placed under the management of the Central Bank of Paraguay. As a result, around three million customers lost access to their savings, prompting protests and calls for the president’s resignation.

Public discontent intensified following reports that Santiago Peña had been a shareholder in the group that owned the bank until 2025. He was accused of a conflict of interest and concealing information related to the financial institution’s collapse.

“I want to apologize to the people if at any point I failed. It was never my intention to betray the trust you placed in me,” the president said. He explained that his decision was aimed at preserving stability and democratic institutions, while rejecting allegations of wrongdoing.

Earlier, Paraguay’s lower house of Congress voted to initiate impeachment proceedings. The president’s removal was supported, including by members of his own party. Vice President Pedro Alliana is expected to assume the presidency.

It is worth recalling that Santiago Peña was elected President of Paraguay in 2023. On December 11–13, 2025, he paid an official visit to Uzbekistan and visited several landmark sites in the capital.

Photo credit: AFP