PARAGUAY · UENO BANK CASE
Key Facts
- Why now Paraguay’s Ueno Bank crisis has moved from banking to courts and politics in five days.
- Savers Advances start at Gs 10 million (US$1,673); the full guarantee is Gs 228.3 million (US$38,200).
- Courts Ueno’s Miguel Vázquez was ordered held pending trial; prosecutors’ final filing is due 4 May 2027.
- Power Pedro Alliana has been president since 6 November; ex-president Santiago Peña is in custody.
- Power Index Paraguay ranks 10th of 14 in The Rio Times Latin America Power Index, with 35.0 points (November 2026 edition).
Paraguay has few firm dates in the Ueno Bank crisis: a payout window for savers, a court deadline in May 2027 and several open questions for the Senate and prosecutors.
Paraguay’s Ueno Bank crisis enters its second week on Monday 9 November with most of the next steps still undated. The firm dates are few: payouts to savers by the central bank (the BCP), a court deadline in May 2027, and open decisions on who will lead the BCP.
Ueno was a fast-growing digital bank with about 3 million customers, and the BCP took it over on 2 or 3 November. For US readers the stakes include a US$350 million bond sold to international investors in March, and a new president, Pedro Alliana, who met US Secretary of State Marco Rubio in Washington as vice president on 4 August.
Dates to Watch
- Saturday 7 November Peña due to give a statement to prosecutors at 11:00 (reported).
- From Monday 9 November Central bank payouts continue; the calendar for later groups is unconfirmed.
- Wednesday 11 to Friday 13 November End of the five-business-day payout window, depending on how days are counted (unconfirmed).
- Tuesday 17 or Wednesday 18 November Fifteen days after the central bank’s resolution (unconfirmed, see below).
- Tuesday 4 May 2027 Prosecutors’ final filing in the Ueno Bank case, set by the court.
- No date announced Senate vote on a permanent central bank chief, a judge’s hearing on Peña, Carvallo hearing, bondholder steps.
When Ueno Savers Get Paid
The BCP began paying deposit-guarantee advances this week, starting with savers who hold up to Gs 10 million (about US$1,673), owe Ueno nothing and have an account at another bank. We convert guaraní at Gs 5,976 per US$, the market close of Friday 6 November.
The Paraguayan Banking Association, the industry body, has put the first round at up to five business days, and some reports tie that limit to the new law. Counted from Thursday 5 or Friday 6 November, it ends between Wednesday 11 and Friday 13 November, and we could not confirm the rule at the BCP or in the law’s text.
Congress also approved an emergency advance of up to 40 minimum monthly wages, the legal pay floor, or Gs 121.7 million (about US$20,400), payable within 24 hours of the law taking effect. This is a payment on account: the full guarantee stays at 75 minimum wages, or Gs 228.3 million (about US$38,200), per depositor and per institution.
The central bank says about 97% of depositors fall inside that limit, and it will set a calendar for balances above the first Gs 10 million. Paraguayan business reports say it has 15 days to finish the accounting that shows what is left for larger deposits, and that the board may extend the period.
That points to Tuesday 17 or Wednesday 18 November, depending on the start date. We could not check the deadline against the law’s text, so treat it as unconfirmed.
Our guide to whether your money is safe at Ueno Bank explains the groups and the paperwork. Paraguay Pays First Ueno Bank Savers covers the first day of payments.
Who Is Detained and What the Courts Do Next
At a hearing on Thursday 5 November, Judge Rodrigo Estigarribia ordered pretrial detention for Ueno’s Miguel Vázquez and five other executives, according to Paraguayan court reports. Two women executives were put under house arrest with electronic ankle monitors.
Prosecutors have charged 27 people, among them breach of trust and attempted fraud, and all of them are presumed innocent. The court set Tuesday 4 May 2027 for the prosecutors’ final filing in the case.
Former president Santiago Peña was removed by the Senate on Friday 6 November by 44 votes to 0, with one senator absent, for poor performance of his duties. His lawyers argue the trial was void, and he did not attend.
Prosecutors charged him in case 92/2026, “breach of trust and others”, and detained him that evening; they have asked for pretrial detention. Paraguay Ousts President, Then Detains Him has the full account.
Peña was moved around midnight to the Presidential Escort Regiment, the army unit that guards the presidency, and was due to give prosecutors a statement at 11:00 on Saturday 7 November. A judge must still decide on pretrial detention, and we found no hearing date.
Carlos Carvallo, the central bank president who resigned on 3 November, surrendered on Friday night under a prosecutors’ detention order, and reports say he was charged alongside Peña, as Paraguay’s Ex-Central Bank Chief Surrenders reports. We found no hearing date for him, and he has not been convicted of anything.
Who Leads the Central Bank
Pedro Acosta Bernal, a BCP board member, was named interim central bank president on Wednesday 4 November, after Carvallo and two directors resigned. Raúl Vera Bogado, whom Peña proposed as permanent chief, still needs Senate approval, and the Senate sent that nomination back to committee on 4 November.
With Peña removed, it is unclear whether Alliana will keep the nomination. Alliana has said those hurt by the bank’s closure will be compensated in full.
What It Means for Investors and US Readers
Ueno’s US$350 million of bonds due 2031 were sold in March to international investors. We found no public statement on how bondholders will be treated, so that date stays open.
Paraguay’s government debt is rated investment grade by Moody’s (Baa3) and S&P (BBB-) and one notch below by Fitch (BB+, positive outlook), and we found no rating action since the bank failed. The International Monetary Fund closed its yearly review of the economy on 28 August, and we found no IMF statement on Ueno; Paraguay Bond Risk Climbs After Bank Failure tracks the market reaction.
What Is Not Known
Several core facts are open: the exact date of the central bank’s resolution (2 or 3 November) and the final size of Ueno’s capital hole. How much state money is frozen at the bank is also disputed, and estimates differ widely.
Whether a judge will order Peña held before trial is also open. The payout calendar beyond the first group, the fate of the 2031 bonds and the Senate’s decision on the central bank chief also have no date.
Frequently Asked Questions
When will Ueno Bank savers get their money?
Advances of up to Gs 10 million (US$1,673) started this week. We found no published dates for larger balances, and a five-business-day limit for the first round is unconfirmed.
How much of my Ueno deposit is guaranteed?
The guarantee covers up to 75 minimum monthly wages, Gs 228.3 million (about US$38,200), per depositor and per institution. Congress approved an advance of up to Gs 121.7 million (about US$20,400) on account.
Is Santiago Peña in prison?
He was removed on 6 November, charged and detained that evening in a breach-of-trust case, and is held at a military unit. He has not been convicted, and a judge has yet to rule on pretrial detention.
Who runs Paraguay’s central bank now?
Pedro Acosta Bernal, a BCP board member, has been interim president since 4 November. The Senate has not approved a permanent chief.
Sources: Banco Central del Paraguay (deposit-guarantee communications), Ministerio Público (case 92/2026), the court hearing of 5 November 2026 and the Senate session of 6 November 2026, as relayed by Paraguayan media and cross-checked on 7 November 2026; US Department of State photo of 4 August 2026; market close of 6 November 2026 for the guaraní rate.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief