Muharram marks the beginning of the Islamic New Year and is the first month of the Hijri lunar calendar. It is observed as a public holiday in many Muslim-majority countries, leading to the closure of financial markets, banks, and government offices. While it is not an economic indicator in the traditional sense, it significantly impacts regional trading volumes and liquidity in the Middle East and North Africa. Traders must account for these closures when managing portfolios exposed to these specific markets.
The date of Muharram is determined by the sighting of the new crescent moon, following the Islamic lunar calendar. As a result, the date shifts by approximately 11 days each year relative to the Gregorian calendar.
No historical data available
