Paraguay Central Bank Caps Ueno Depositor Advance at 40 Monthly Wages

The Banco Central del Paraguay (BCP), Paraguay’s central bank, set advance payments for Ueno Bank depositors at up to 40 minimum monthly wages, less overdue debts. The advance is separate from the full deposit guarantee, which covers up to 75 minimum monthly wages per depositor at each financial institution.

The BCP voted unanimously Nov. 2 to begin a resolution procedure for Ueno Bank. The central bank cited a solvency index below half the required minimum after adjustments to the bank’s financial statements during a regularization process.

“This is an isolated case and does not represent a generalized condition of Paraguay’s financial system,” the BCP said.

The BCP said advance payments would begin within 24 hours, with the process taking no more than five business days.