Paraguay's Peña pledges to return savings amid banking crisis
Paraguayan President Santiago Peña has urged citizens to remain calm following the collapse of Ueno Bank, pledging swift action to protect depositors as the financial crisis triggers protests and political tensions.
In a statement shared on social media on Wednesday, Peña insisted that Paraguay's financial system remained strong despite growing uncertainty surrounding the troubled bank.
The president announced that he had met with leaders of both chambers of Congress to fast-track legislation aimed at returning depositors' savings.
“We are working to return to each saver what is theirs as soon as possible,” Peña said, adding that the proposed measures would cover 98% of the bank's depositors.
However, the crisis has sparked widespread protests in the capital, Asunción, as citizens demand answers over the bank's collapse and the handling of their savings.
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Peña is also facing scrutiny over alleged business connections to a financial company linked to Ueno Bank.
Opposition lawmakers have accused his administration of irregularities involving the institution's operations and financial management, with some pushing for possible impeachment proceedings.
This story is written and edited by the Global South World team, you can contact us here.
