Paraguay Senate Backs New Central Bank Chief
Paraguay's Senate approved economist Jorge Schreiner as central bank president 31 votes to one, as President Alliana puts his cabinet on notice. The post Paraguay Senate Backs New Central Bank Chief appeared first on The Rio Times .
Paraguay's Senate has endorsed Jorge Schreiner as the new president of the central bank, aiming to address a banking crisis. Schreiner, an economist and former securities regulator, received 31 votes out of 33 present senators, with one abstention and one vote against. This comes after President Pedro Alliana ordered his ministers to tender their resignations following the seizure of Ueno Bank, a digital lender, due to insufficient capital.
The crisis began on November 3rd when the central bank took control of Ueno Bank, leaving nearly three million people without access to their deposits. Schreiner, who previously led the National Securities Commission, was proposed for the post by Alliana on Sunday, November 8th. Meanwhile, Fernando Rivarola, a former bank-supervision manager, was approved unanimously by the Senate for the central bank's board.
The new leadership includes Ariel Martínez as interior minister, Juan Carlos Baruja as public works minister, and Rolando de Barros as head of the Civil Cabinet. The crisis has impacted Paraguay, a major soy and beef exporter, emphasizing the importance of depositor and lender trust in the country's financial institutions.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
