Ueno Bank, controlled by Grupo Vázquez SAE and chaired by Federico Miguel Vázquez, rapidly expanded its share of public dollar-denominated resources, according to official MEF spreadsheets from April 2026. The documents show that while the dollar faces an atypical decline in the Paraguayan market, the financial institution raised its state deposits in foreign currency from US$144.6 million at the close of 2025 to US$246.9 million at the end of April — a jump of US$102.3 million in just four months.
In contrast, deposits in guaranis grew more modestly, from G$3.29 trillion to G$3.58 trillion, equivalent to about US$47 million at the current exchange rate. This deliberate shift toward the U.S. currency, according to the spreadsheets, was concentrated mostly in demand deposits — liquid funds available immediately — which increased by US$89.3 million. The remaining US$13 million were placed in Savings Deposit Certificates (CDA), a portion that, according to the records, belongs to the funds of workers and retirees of the Social Security Institute (IPS).
The significant growth in dollar deposits has occurred since Santiago Peña assumed the presidency in August 2023. Peña was a partner of Grupo Vázquez in Ueno Holding Saeca until April 2025, when he formally left the company after the revelation of increased state contracts benefiting the conglomerate. The MEF spreadsheets, which remained confidential until obtained by the press, indicate that the migration of public resources to Ueno Bank is not an isolated phenomenon but part of a pattern that has intensified in recent months.