Ueno Bank depositors should start receiving money on Friday 6 November 2026. A new law, Ley N° 7745, promulgated on 4 November, creates an advance on Paraguay's deposit guarantee. Each depositor can receive up to 40 monthly minimum wages, about 121.8 million guaraníes, in an account at another bank. Prosecutors have meanwhile charged 27 people linked to the bank, and the guaraní has had its worst week in years.
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The advance is part of the full guarantee, not an addition to it. Each depositor is still covered up to 75 minimum wages, or 228.3 million guaraníes, per bank. At this week's wholesale rate that ceiling is worth roughly USD 36,000, down from about USD 38,000 when we first reported the resolution on 3 November.
How the Ueno Bank Advance Is Paid
Ley 7745 amends the deposit guarantee law, Ley 2334/2003, to create an advance on the guarantee. The fund pays 40 minimum wages or the depositor's net balance, whichever is lower. Payment has to begin within 24 hours and cannot run beyond five business days, Última Hora reports. A separate proposal to cover all public money held at Ueno went to Senate committees and is not part of the law.
| Point | What the BCP and the press report |
|---|---|
| Amount | Up to 40 minimum wages (about G. 121,760,000), or the net balance if lower |
| First credits | Expected on the afternoon of Friday 6 November |
| Where it lands | The depositor's account with the highest balance at another bank or finance company |
| No other account | The BCP has a savings account opened in the customer's name |
| Debts | Overdue debts to Ueno are deducted; current loans are not netted in full |
| Checking your bank | The BCP's FGD payment portal, plus emails from fgdpagos@bcp.gov.py |
| Rest of the guarantee | Up to 75 minimum wages in total, under the original 15-day rule |
Roughly 1.6 million customers already hold an account elsewhere, according to the BCP's Julio César Cristaldo, quoted by Diario HOY. Another 265,000 do not; Última Hora puts the figures at 1.9 million and 280,000. Accounts opened in the last few days go through an extra check before money is released. The BCP suggests downloading the receiving bank's app in advance.
The rollout has been uneven. The BCP first planned to confirm each assigned bank by email, then switched to a web lookup, and on Thursday its site slowed under the load, with one queue page estimating a four-hour wait, Bloomberg Línea reported. Some banking apps also struggled with the surge in new accounts. The BCP's own technology team asked for patience.
Earlier figures still circulate. On 3 November the BCP spoke of a first payment of up to 10 million guaraníes. The law replaced that with the larger advance, so treat any older number as superseded.
Charges Against 27 People
Prosecutors charged 27 people linked to Ueno and related companies on 4 November, and Judge Humberto Otazú admitted the charges, according to Misiones Plural, which cites Paraguayan media and EFE. The alleged offenses are improper conduct in a crisis, breach of trust, attempted fraud and breach of the duty to keep commercial books. Eight people are detained.
Prosecutors sought pretrial detention for Miguel Vázquez, one of the bank's directors, and house arrest with electronic monitoring for seven others. Bloomberg Línea reports that Vázquez is now in pretrial detention. Charges in Paraguay are the start of a criminal case, not a finding of guilt, and the accused have not been convicted.
The case covers 2025 and 2026 operations: loans and overdrafts to related companies with weak risk analysis and thin collateral, plus a portfolio transfer of about USD 74.4 million. Prosecutors list balances of about USD 167 million and 343 billion guaraníes as at risk, which is not a final loss figure. They are also assessing requests for cooperation from Luxembourg and the United States.
IPS, Public Money and the BCP
The state pension fund IPS says November pensions and the annual bonus will be paid by 17 November. Its exposure is the biggest open question: the Chamber of Deputies estimates about USD 355 million of IPS money at risk, and Economy Minister Óscar Lovera has put a further 250 billion guaraníes from the civil service pension fund at risk. The farmers' association ARP argued that public funds "did not reach Ueno on their own" and that the guarantee fund was built for emergencies, not fraud.
The central bank has no permanent chief. Carlos Carvallo, who ran Ueno until 2023, has resigned, and board member Liana Caballero leads the BCP on an interim basis. Reports differ on whom the executive has proposed as his successor, and the Senate has to confirm whoever it is.
The Guaraní and Country Risk
Markets have taken the bank failure and the political crisis together. The wholesale dollar closed at G. 6,358.5 on 5 November, up 5.4% in a single day, Perfil reports; on 28 October it stood at G. 5,661, which makes the move about 12% in a week. Retail rates were higher, at G. 6,720 at one bank. We found no report of BCP intervention in the currency market.
JP Morgan's country-risk index for Paraguay rose to 144 basis points, from 119 a week earlier, after touching 157 on the day President Santiago Peña announced his resignation. The ten-year dollar bond due 2036 yields 6.04%, its highest since June 2025. Moody's called the Ueno resolution "manageable" but said it "will test" Paraguay's bank-resolution framework (our translation). The banking association Asoban says the rest of the system is operating normally, though queues formed at some branches of Banco Familiar and Itaú.
What This Week Means for Foreigners in Paraguay
The guarantee fund's rules cover residents and non-residents, and press reports since Tuesday describe foreign customers as included in the payout. How balances held in dollars will be settled has still not been spelled out, so a dollar depositor should check the portal like everyone else and keep records of the balance. Here is how we read the rest, which is our view and not official guidance:
- ▹Only trust two channels. The BCP's website and the fgdpagos@bcp.gov.py address are what the BCP itself has named. A text message asking you to "confirm" your Ueno account through a link is a scam risk at a moment like this.
- ▹Count on a second step. The advance stops at 40 minimum wages. The rest of the cover up to 75 follows the ordinary procedure, and balances above that depend on the bank's assets.
- ▹The exchange rate cuts both ways. Income in dollars or euros buys more in guaraníes this week, while guaraní savings and salaries lost value in dollar terms. A 12% move in a week can reverse; planning a budget on it would be a mistake.
- ▹Paperwork for Migraciones. Statements from Ueno cannot be downloaded for now. If your residency proof of income depends on them, gather other evidence early. We have still seen no Migraciones notice about the crisis.
Spreading money across more than one institution is the lesson most people will take away, and our guide to opening a bank account in Paraguay sets out what a new account requires.
Frequently Asked Questions About the Ueno Bank Payout
How much will Ueno Bank depositors receive first?
Up to 40 monthly minimum wages, about 121.8 million guaraníes, or the net balance if it is smaller. Overdue debts to Ueno are deducted first. The advance counts toward the overall guarantee of 75 minimum wages per person and bank.
How do I find out which bank will pay me?
The BCP has opened a lookup on its FGD payment portal (bcp.gov.py/fgd-pagos) that shows the assigned institution, and it also sends emails from fgdpagos@bcp.gov.py. The money goes to your account with the highest balance at another bank, or into a new savings account opened in your name.
Are the 27 people charged in the Ueno case guilty?
No. A charge (imputación) opens a criminal case in Paraguay; it is not a conviction. A judge admitted the charges and eight people are detained, but the allegations remain unproven until a court rules.
Rebuilding your banking in Paraguay after Ueno? Accounts and investments stay your own call. Our part is residency and the cédula, with a local team on the ground. See what the residency and cédula service covers.
As of 6 November 2026, about 03:30 in Asunción: this follow-up relies on press reports of BCP statements and court filings. The BCP's site blocked direct access from our systems again, and ABC Color could not be reached, so neither was read firsthand. Figures may change once payouts begin. This is not financial or legal advice.
Sources
- ▹Diario HOY: BCP explica cómo será el cobro desde el viernes (5 November 2026)
- ▹Última Hora: El BCP anuncia el pago del anticipo a ahorristas de ueno bank (4 November 2026)
- ▹Última Hora: Peña promulga ley para adelantar pagos a ahorristas (4 November 2026)
- ▹La Nación: BCP habilita plataforma web para consultas sobre el desembolso (5 November 2026)
- ▹Misiones Plural: Paraguay amplía el anticipo a los ahorristas de Ueno y la Fiscalía imputa a 27 personas (5 November 2026)
- ▹Bloomberg Línea: Usuarios de Ueno Bank siguen esperando su dinero (5 November 2026)
- ▹Perfil: Crisis política en Paraguay: subió el riesgo país y el guaraní se devaluó un 5% (5 November 2026)
- ▹Infobae: El riesgo país de Paraguay subió tras la renuncia de Peña (5 November 2026)
- ▹BCP: Pago del anticipo de la garantía del FGD a los ahorristas de ueno bank
About the author
Yannick Schroth
Founder · Paraguay relocation support
Spends regular time in Paraguay and, with his team on the ground in Asunción, guides international nomads, entrepreneurs and investors through residency, the cédula and the RUC paperwork.
