"Half of Paraguay's population no longer has access to its money" after the collapse of Ueno Bank

Paraguay’s central bank took control of Ueno Bank on November 3, 2026, freezing access to deposits and transfers for nearly 3 million customers—roughly half the country’s population—and blocking hundreds of millions of dollars in public funds. The intervention has escalated into a political crisis, with account holders unable to withdraw or move their money. The event matters because such a large share of the population and significant public money are tied up in a single bank failure, amplifying both economic and political fallout. What to watch next is how the central bank manages the resolution—whether deposits are unfrozen, how public funds are recovered, and whether the crisis spreads to other institutions or forces policy changes.