The situation
The Senate rejected Peña’s request for more time to prepare a defence and proceeded with impeachment hearings on November 6. His resignation, offered on November 5, had not been formally accepted by the reporting cutoff; his interior minister resigned that day, followed by his chief of staff and legal adviser on November 6.
The proceedings follow the central bank’s intervention in for breaches of minimum solvency requirements. Customer access to deposits was frozen for millions of Paraguayans, while the Attorney General’s Office opened an investigation into the bank’s supervision, resolution and placement of public funds.
Why it matters
The Senate’s decision keeps executive continuity unresolved while a banking intervention is disrupting access to deposits. The overlap raises pressure on institutions to establish an orderly constitutional outcome and clarify the handling of the bank.
The immediate economic exposure is concentrated in affected depositors and public funds held at . The evidence does not establish the duration of access restrictions or a final outcome for the impeachment process.
What to watch
Key questions
- Does the Senate formally accept Peña’s resignation, remove him through impeachment, or take another constitutionally defined step?
- Does the central bank restore or otherwise resolve customer access to deposits at Ueno Bank, and on what terms?
Current state
Operating conditions have deteriorated: the Senate is continuing impeachment proceedings against the president, his resignation has not been formally accepted, senior aides have resigned, and customer access to deposits at remains frozen following central-bank intervention.
Impacts
Political Stability
The Senate’s continuation of impeachment proceedings, Peña’s unaccepted resignation and senior staff departures leave executive authority and succession arrangements unresolved.
Economic Pressure
The intervention in has frozen customer access to deposits for millions, linking financial disruption directly to the political crisis.
Markets
Unresolved control of and uncertainty over executive continuity create a plausible channel for increased domestic financial-sector risk, though the evidence does not confirm market moves.