PARAGUAY · PROFILE
Published Saturday, 7 November, 6:00 a.m. ET · Source: Senate of Paraguay, public statements, market data
Paraguay has a new president, Pedro Alliana, a 52-year-old career politician from the ruling Colorado Party, Paraguay's dominant conservative party. He was sworn in on Friday 6 November 2026, hours after the Senate removed President Santiago Peña over the collapse of Ueno Bank, a private lender.
He inherits a frozen bank with nearly 3 million customers, a party that has split in public and a term that runs to August 2028. For US readers, Paraguay is a soy and beef exporter, so how steady its government is matters to anyone with money or contracts there.
Key Facts
- Prediction markets The prediction platform Polymarket prices Alliana at 11.0% to win the 2028 election, as of 6:04 a.m. ET, 7 November.
- Who Hércules Pedro Lorenzo Alliana Rodríguez, 52, born in Pilar; ex-governor, ex-deputy, vice president since August 2023.
- What Sworn in as president on Friday 6 November 2026, after the Senate removed Santiago Peña.
- Term He serves out the 2023 to 2028 term, which ends in August 2028.
- First orders He promised action to compensate Ueno Bank savers and told ministers to travel abroad only when unavoidable.
- Open As of Saturday morning, no new central bank head or full cabinet was confirmed.
Who Is Pedro Alliana?
Hércules Pedro Lorenzo Alliana Rodríguez was born on 19 February 1974 in Pilar, a river town in the southern department of Ñeembucú, which is Paraguay's word for a province. He was governor of Ñeembucú from 2008 to 2013.
He then won a seat in the Chamber of Deputies, the lower house of Congress.
A Career Built Inside the Colorado Party
The Colorado Party, formally the National Republican Association (ANR), has been Alliana's political home throughout. He sat in the chamber from 2013 to 2023 and led it until 2022.
He also served as party president until January 2023. In December 2018 he was diagnosed with leukaemia.
From Running Mate to President
Horacio Cartes, a former president who leads the party, backed the Peña and Alliana ticket in 2023. Alliana became vice president on 15 August 2023.
In October 2026 the party's dominant wing, known as Honor Colorado, split in public, and Alliana and Cartes ended up on opposite sides, according to Paraguayan reports. How deep the rift runs is not clear.
On Thursday 5 November the Chamber of Deputies rejected an impeachment motion against Alliana himself. For the full story of the removal, see our report on the Senate vote and the oath and our earlier piece on the Cartes ticket dispute.
His First Orders
Basilio Núñez, president of the Senate, swore him in before Congress on Friday 6 November. Both chambers then elected Antonio Barrios, a senator, as vice president by a unanimous show of hands, according to the Senate.
Alliana said people hurt by the bank's collapse would not be abandoned and ordered immediate action to compensate savers, with priority for the least well-off. He told ministers to travel abroad only for “unpostponable” reasons, and promised to cut superfluous spending.
Separately, the central bank has announced advances for Ueno depositors, according to reports. Savers can claim up to 10 million guaraníes (Gs 10 million, US$1,673), and an emergency law approved by Congress adds an advance of about Gs 121 million (about US$20,200) from the state deposit guarantee fund, which insures bank deposits; the rate is Gs 5,976 per US$, the market close on 6 November (see our payout explainer).
What Prediction Markets Say
Polymarket, a crypto-based prediction platform, lists the 2028 Paraguayan presidential election. At 6:04 a.m. ET on Saturday 7 November Senate president Basilio Núñez led at 19.5%, followed by another candidate at 18.5%, while Alliana was fifth at 11.0%.
Only US$11,994 has been traded on the market, so these are thin bets rather than polls. Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely.
We show them next to polls and official results, never instead of them.
The Risks He Inherits
Ueno itself is the first test, since its collapse froze the accounts of nearly 3 million customers, including pension funds. The size of the hole in its books is still disputed.
The currency is the second. The dollar gained 5.5% on the guaraní, Paraguay's currency, in the week to Friday, rising from Gs 5,664 to Gs 5,976 per US$, according to market closes (see our currency report).
What It Means for US Readers
If you hold Paraguayan assets or money at Ueno, three signals matter most: who leads the central bank, how fast the guarantee payouts run, and what happens to Peña's case. Exporters and investors will read a quiet first fortnight as a sign the government can govern.
Our guide to who holds power in Paraguay explains the system. Our report on the surrender of the former central bank chief covers the banking side.
What Is Not Known
We could not confirm who will lead the central bank after Carlos Carvallo, the former central bank president, stepped down, or which ministers will stay. Live reports said Alliana was due to sign decrees confirming or naming ministers, but we saw none signed as of Saturday morning.
Reports differ on where Peña is being held, and we could not confirm when he will face a judge. We found no reaction yet from the US government or the International Monetary Fund.
Frequently Asked Questions
Who is Pedro Alliana?
Alliana, 52, is Paraguay's president since 6 November 2026. He was vice president from August 2023, after serving as governor of Ñeembucú and a deputy.
How long will Alliana be president?
He completes the 2023 to 2028 term, which ends in August 2028. The Senate says he was sworn in to complete that period.
Why did Peña lose the presidency?
The Senate found Peña guilty of poor performance of his duties after the Ueno Bank collapse. Forty-four senators voted to remove him on 6 November, and the Senate describes the vote as unanimous among those present.
Will Ueno Bank customers get their money?
Alliana promised action to compensate savers. The central bank has announced advances to depositors, but the full schedule and the size of the hole are not yet known.
Sources: Senate of Paraguay, swearing-in and removal reports, read 7 November 2026; Polymarket market data, read 7 November 2026; market closes for the guaraní, 2 and 6 November 2026.
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