Shafaq News / The leader of the Sadrist movement, Iraqi Shi'ite cleric Muqtada al-Sadr warned on Monday of "hidden hands" want to devaluate the Iraqi currency.

Al-Sadr addressed the Iraqi merchants, "Your brothers and children fell into extreme poverty due to the economic crisis so stand by them in this difficult situation and do not except for them to be humiliated by the enemies"

Al-Sadr called on merchants to not use extravagant prices, especially in food, clothing and fuel.

He also warned against the local currency devaluation by local and foreign parties, saying "there are hidden hands seeking to undermine the people and devaluate our currency for their own benefit."

Iraq’s central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,450 dinars, from 1,190 dinars, seeking to compensate for a decline in oil revenue due to low crude prices, the bank said on Saturday.

The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources.