GeopoliticsMedium•7 November 2026•
1 min read
Paraguay Senate Ousts President Santiago Peña Following Ueno Bank Collapse
Key Facts
1Paraguay's Senate voted unanimously to remove President Santiago Peña from office on charges of misconduct.
2The ousting follows the collapse of digital lender Ueno Bank, which had nearly 3 million customers, amid corruption allegations.
3The verdict bars Peña from a lifetime Senate seat and the legal immunity typically granted to former presidents.
Paraguay's Senate voted unanimously to remove President Santiago Peña from office on charges of misconduct. Reuters reported that the ousting follows the collapse of digital lender Ueno Bank, which served nearly 3 million customers, amid corruption allegations and accusations that public funds were steered into the bank while regulators ignored risky insider lending.
The verdict bars Peña from a lifetime Senate seat and the legal immunity typically granted to former presidents, according to the Associated Press. The Paraguayan guaraní (PYG) faced downward pressure as political instability in the frontier market combined with the banking crisis that led to the freezing of customer savings.