ILS – Israeli New Shekel
Sign – ₪ / Code – ILS
Long before our corporate currency exchange brokers were helping our clients with their Israeli New Shekel transfers, the New Shekel was creating its own rich history.
About the Israeli New Shekel
The New Shekel was introduced in 1986, replacing the Old Shekel which had been suffering from hyperinflation.
The Old Shekel was in use from 24 February 1980 and 31 December 1985. The rate of Old to New Shekel is 1000:1.
As a result of a careful fiscal policy and a competitive economy since the hyperinflation of the 1980s, the New Shekel has strengthened considerably and enjoys low inflation. Competition has been helped by free trade agreements, whilst considerable investment in the scientific and industrial sectors has allowed it to participate in and profit from the global knowledge economy. The future use of natural gas reserves will also strengthen the New Shekel.
Since 2003, the New Shekel has been a freely convertible currency.
Subunit: Agora – 1/100
Coins: 10 agorot, ½ shekalim, 1 shekalim, 2 shekalim, 5 shekalim 10 shekalim
Banknotes: 20 shekalim, 50 shekalim, 100 shekalim, 200 shekalim
Bank: Bank of Israel