“I lost my entire life’s savings”: in Paraguay, anger and concern among customers of a bankrupt bank

“It’s our retirement money and we don’t know if we can get it back,” denounced Teresa Montiel, a 50-year-old Paraguayan doctor. Like her, hundreds of people gathered on Wednesday evening, November 4, in Asunción, the capital, after the closure of the Ueno bank. On Tuesday, the Central Bank of Paraguay took control of this bankrupt establishment, until recently linked to President Santiago Peña.

This decision deprived millions of customers of immediate access to their money. Concretely, all physical branches have closed and digital operations have been frozen, including withdrawals and transfers.

As of mid-2026, Ueno Bank claimed 2.94 million customers, almost half of Paraguay's population. “I lost my entire life’s savings, I only have 8,000 guaranis (a little over a dollar). They all have to go to prison!” said Marcelino Vergara, a 68-year-old security guard, through tears.

The suspension of its activities caused great concern in the country and triggered spontaneous demonstrations. “We demand an impeachment trial against the president and vice president. A real trial must be organized against the responsible authorities,” a protester told AP.

In some neighborhoods, clashes took place with the police, notably when a group tried to head towards the National Congress building but was stopped by the police.