Paraguay’s Santiago Peña Announces Resignation as Impeachment Process Advances

Paraguayan President Santiago Peña said Thursday, November 5, 2026, that he had decided to resign, as an impeachment effort advanced in Congress. The announcement came amid political and financial instability linked to the dissolution of Banco Ueno, the country’s largest digital bank. Peña said his decision was intended to protect national stability, social peace and democratic institutions.

In a statement posted on social media, Peña said he was submitting his resignation with respect for Paraguay’s Constitution and the country’s democratic and institutional processes. The resignation is subject to action by Congress: Peña must formally send his request to lawmakers, who will decide whether to accept it. If they reject it, they could continue the impeachment process. The Chamber of Deputies approved opening that proceeding against Peña on Thursday.

In his letter to the public, Peña described the moment as one of the most difficult of his life and said Paraguay’s republic must come before any individual or circumstance. He wrote that history would judge the events unfolding in the country, and said he had chosen to resign to promote stability, preserve social peace and protect democratic institutions. He added that no public office should take precedence over the well-being of Paraguay.

Peña also apologized to the public if he had failed in any way, saying he had never intended to betray the trust placed in him. He said he had taken on the presidency intending to work for the country, but that his priority now was the peace of mind of Paraguayans who had entrusted their savings to the financial system. Each deposit, he wrote, represented years of effort and sacrifice, as well as families’ plans for the future.

The president said he hoped depositors’ money would be returned, the Deposit Guarantee Fund would fulfill its purpose, and public funds and resources belonging to Paraguayans would be protected. He expressed confidence in the strength of the people and the ability of the country’s institutions to overcome the situation, recalling that Paraguay had endured difficult periods before and recovered.

Peña called on the country to demonstrate that democracy would be respected and institutions preserved, saying Paraguay must stand above political differences. “No office is more important than the stability of the republic; no person is above Paraguay,” he wrote.

Peña, 47, was elected president in April 2023. A member of the Colorado Party, which is described as right-wing, he succeeded Mario Abdo Benítez, who also belongs to the party.