Israeli shekel exchange rate
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Israeli shekel exchange rate - chart
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Israeli shekel
The Israeli shekel is designated by the abbreviation ILS in accordance with ISO 4217. In Israel, the distinctive symbol „₪” is also widely used. The name refers to an ancient Near Eastern unit of weight, which was used primarily for weighing silver.
The Israeli shekel – what you need to know
The New Israeli Shekel is the official currency of Israel and the legal tender in the Palestinian territories. One shekel is divided into 100 agorot. The ILS was introduced into circulation in 1985, replacing the previous version at a rate of 1000:1. Since then, the Israeli currency has gained considerable stability, becoming one of the strongest currencies in the Middle East. Coins in circulation include 1, 5 and 10 agorot, as well as ½, 1, 2, 5 and 10 new shekels. The agor coins are gold, whilst the shekels are silver. Their obverses feature symbols important to Jewish culture, such as the seven-branched menorah, crossed cornucopias and the date palm. ILS banknotes, in turn, come in denominations of 20, 50, 100 and 200 shekels. The front of each features the image of a figure recognised in Jewish culture. On the 20 ILS note – Rachel Bluwstein, on the 50 ILS note – Shaul Chernichovsky, on the 100 ILS note – Lea Goldberg, and on the highest denomination – 200 ILS – Natan Alterman. The reverse sides, however, are dominated by nature. They feature, among other things, motifs of Lake Tiberias (20 shekels), a herd of gazelles (100 shekels) and internal vegetation bathed in moonlight (200 shekels).
The Israeli shekel – history of the currency
Israel gained its independence in 1948, but the shekel was introduced somewhat later. In the early years of the state’s existence, the Palestinian pound was in circulation. Four years later, the Israeli authorities decided to create the Israeli lira, which was initially pegged to the British pound. The first Israeli shekels appeared in 1980. They replaced the lira at a rate of 1:10. However, these changes were accompanied by serious economic problems. At the time, Israel was grappling with inflation, which at its peak reached as high as 450% per annum. The central bank was printing increasingly larger denominations to keep pace with soaring prices. Following the implementation of a stabilisation programme, Israel carried out a redenomination. In September 1985, the new Israeli shekel, which is still in use today, appeared on the market. Three zeros were dropped from its predecessor. As a result, the country managed to bring inflation under control, and the ILS gained confidence and became one of the most stable currencies in the Middle East.
Israel’s currency – interesting facts
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The symbol for the new shekel, ₪, combines two letters of the Hebrew alphabet: shin (ש) and chet (ח). These are the first letters of the words shekel (currency) and chadash (new).
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Israel’s currency is not printed in Israel. The Swiss company Orell Füssli is responsible for producing the banknotes. Coins are minted in South Korea and the Netherlands, amongst other places.
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The name of Israeli small change has its roots in the Bible. The name „agora” was borrowed from the Old Testament, specifically the First Book of Samuel.
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