The International Monetary Fund (IMF), a global lender, sees no sign that the Ueno Bank crisis in Paraguay has spread to neighbours. Spokesperson Julie Kozack said so at a press conference on Thursday 12 November 2026.
Paraguay’s Central Bank took over Ueno, a Paraguayan lender, urgently on 3 November 2026. Hundreds of thousands of customers were left without access to deposits, and large protests followed.
Key Facts
—What. The IMF has seen no sign Ueno Bank’s crisis has spread to Paraguay’s neighbours.
—Who. IMF spokesperson Julie Kozack spoke at a regular press conference.
—When. Central Bank took over Ueno on 3 November 2026; Kozack spoke on Thursday 12 November.
—Context. Paraguay holds an investment-grade rating, BBB- from S&P Global Ratings, a credit rating agency.
The IMF’s early reading is calm, yet most of the depositors’ money is still to be recovered and the final cost is unknown.
What the IMF Said
Kozack said the Fund has seen no sign that the Ueno crisis has spread to neighbouring countries. She said Paraguayan authorities have taken quick decisions, including payments to depositors.
She added that, in general, the Fund has not detected signs in Paraguay or the region that the crisis will spread to other banks. Paraguay’s neighbours are Brazil, Argentina and Bolivia.
Depositors and the Takeover
The Central Bank of Paraguay took over Ueno urgently on 3 November 2026. Hundreds of thousands of customers lost access to their deposits, and large protests followed.
The Central Bank said on Wednesday 11 November 2026 that it had begun returning savings to depositors covered by the state deposit guarantee. How much money is still to be recovered has not been confirmed.
Paraguay’s Economic Backdrop
Paraguay’s real GDP, the output of its economy adjusted for prices, grew 6.6% in 2025, according to the Central Bank of Paraguay. S&P Global Ratings upgraded Paraguay’s sovereign rating from BB+ to BBB- on 17 December 2025, with a stable outlook.
BBB- is investment grade, which matters to holders of Paraguay’s dollar bonds. Our article Moody’s sees Paraguay bank fallout contained and Paraguay news give more context.
Why It Matters
Bank trouble spreads when depositors in one country start to fear for their own bank, so an IMF finding of no such signs eases that worry. Paraguay’s rating of BBB- stable from S&P Global Ratings matters to holders of its dollar bonds.
This article quotes no bond prices or yields. Paraguay’s economy grew 6.6% in 2025, according to its Central Bank.
What Is Not Known
The final cost of the failure is not known, and neither is how much depositor money is still unrecovered. The IMF’s comment covers the signs seen so far, not a guarantee.
It is also not known whether regulators in Brazil, Argentina or Bolivia changed any rules, and none was stated. The Central Bank has not published a final repayment total.
What to Watch Next
No dated checkpoint has been announced. Readers should watch for the final cost of the failure and for how much depositor money is recovered.
Frequently Asked Questions
Has the Ueno Bank crisis spread to other countries?
The IMF said on Thursday 12 November 2026 it has seen no sign of spread to neighbouring countries. It has not detected signs in Paraguay or the region that other banks will be hit.
What happened to Ueno Bank?
Paraguay’s Central Bank took over Ueno urgently on 3 November 2026. Hundreds of thousands of customers were left without access to deposits.
Have depositors received their money?
The Central Bank said on Wednesday 11 November 2026 it had begun returning savings to depositors covered by the state deposit guarantee. How much is still outstanding has not been confirmed.
Sources: IMF press briefing of 12 November 2026, spokesperson Julie Kozack (as relayed by news agencies; the transcript was not yet published when this was written); Central Bank of Paraguay; S&P Global Ratings.
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