Lost savings and broken trust: life for those hit by Ueno Bank’s closure

AI Summary

Paraguay’s Central Bank took over Ueno Bank after identifying a critical solvency problem and froze customer deposits, leaving millions unable to access their money. The bank’s closure has damaged public trust in institutions amid a major political crisis, with President Santiago Peña reportedly removed from office and held in pre-trial detention.

For nearly three million Paraguayans, November 3 began with a message on their phone screens: “We cannot display your balance.” Early that morning, Paraguay’s Central Bank took over Ueno Bank over a critical solvency problem and froze its deposits. A week later, with President Santiago Peña removed from office and in pre-trial detention, many of those affected still have no access to their money and say they have also lost faith in the country’s institutions.