Savers took to the streets to demand explanations about the fate of their depositsThe resignation of the president of the Central Bank of Paraguay (BCP), Carlos Carvallo, after that country’s president, Santiago Peña, asked him to step down following the crisis ignited by the financial insolvency of the digital financial institution Ueno Bank, that caused shock across the South American country and has tainted the government.Ueno Bank is the Paraguayan banking institution with the most customers, with approximately 2.94 million users in a country whose population is 6.4 million inhabitants.The measure was taken after the Central Bank reported that its board had agreed to “initiate the resolution procedure for Ueno Bank, after it was found that its solvency ratio was below fifty percent (50%) of the required minimum, as a result of adjustments made to its financial statements during the regularization process.”A bank for small saversThe ruling caused the bank’s app to be suspended, as well as its cards and affiliated services, which generated fear and uncertainty among customers. For that reason, many of the affected people crowded outside Ueno Bank branches to try to withdraw their savings and obtain an explanation of what had happened.Among the bank’s customers, which is working class in orientation and aimed at small savers, workers, retirees, small shopkeepers and recipients of state benefits. Although it is not the country’s most important banking institution, it was the one with the most affiliated clients.On the other hand, at least eight members of Ueno Bank’s board of directors were arrested for “alleged punishable acts” such as “breach of trust, fraud and improper conduct in crisis situations,” which are related to the management of the institution. The people detained by the authorities, following a complaint from the Central Bank of Paraguay, are: Mariana Torres Rubiani, Julio Rey Fernández, Miguel Vázquez Villasanti, Diego Duarte Schussmuller, Alejandro Gómez Abente, Juan Manuel Gústale, Diana Mongelós González and Miguel Ángel Almada Frutos.Shoving, shouting and policeIn footage from the night of November 3, shouts can be heard and numerous groups of people are seen amid great confusion and pushing. This banking crisis has also impacted Peña’s government because several voices from Congress and the opposition have called for his resignation for the “poor performance” in economic matters, ABC reports.In addition, Peña was a shareholder in the business group that includes Ueno Bank until April 2025, according to ABC, highlighting that Ueno Bank had a majority participation in the Paraguayan financial system with Peña’s arrival to the presidency, as well as that of his vice president, Pedro Alliana.In one of the scenes recorded on video on Tuesday night, a woman is seen in an altercation with police officers who were posted outside Ueno Bank branches.PARAGUAY: CRISIS FINANCIERA, RENUNCIA EN EL BANCO CENTRAL Y MULTITUDES RECLAMAN SUS AHORROSLa crisis de Ueno Bank sacude a Paraguay. Miles de ahorristas quedaron sin acceso a su dinero luego de que el Banco Central dispusiera el cierre de la entidad y el inicio de un… pic.twitter.com/H3ecy8dWNM— ANRed #30Años (@Red__Accion) November 4, 2026Amid the tense atmosphere experienced in the streets of Asunción, people were running from one place to another, surrounded by a heavy police cordon.🚨🔥 PARAGUAY EN LLAMAS: PROTESTAS EN EL CENTRO DE ASUNCIÓN Y EXIGEN LA RENUNCIA DEL DERECHISTA SANTIAGO PEÑALa crisis bancaria se convirtió en un terremoto político en Paraguay. Manifestantes comenzaron a concentrarse en el centro de Asunción para exigir la salida del… pic.twitter.com/5InKiOIGAX— Argentina Noticias (@argennoti) November 3, 2026In another video, a tumultuous crowd is seen shouting slogans and demanding explanations about the fate of their savings, also surrounded by uniformed officers.🚨 #ALERTA | ¿Crisis bancaria en Paraguay?:Masivas protestas de ahorristas en el microcentro de Asunción exigen el juicio político a Santiago Peña y la devolución inmediata de depósitos tras la quiebra e intervención de Ueno Bank. pic.twitter.com/MytcCAzmtD— Mundo en Conflicto 🌎 (@MundoEConflicto) November 4, 2026The day before, the Central Bank informed Ueno Bank customers that they would receive a first payment “shortly” of up to 10 million guaraníes ($1,651 at the exchange rate), charged to the Deposit Guarantee Fund.Likewise, it clarified that if the amount exceeds the established limit, “the remainder will be paid according to the schedule to be issued.” The text also made clear that those who have debts with the institution will have that money deducted before being paid the guarantee.Regarding the crisis, the president of the Chamber of Deputies, Raúl Latorre, told the media that the priority is for Paraguayan families to “recover their assets and be able to collect that money immediately or as soon as possible.”Venezuela and Paraguay Sign Cooperation Agreement During Santiago Peña’s Visit (+PDVSA Debt)“And I’m talking about a lot of working-class people who placed their trust in this banking institution and who are suffering at this moment,” the deputy asserted. (RT)Translation: Orinoco TribuneOT/JRE/XX