Israel Currency

Israel Currency Details

  Country Name : Israel
Currency Name : Israeli new sheqel
ISO Code : ILS
Banknotes-Types : 20¸ 50¸ 100¸ 200 new shekalim
Coins-Types : 10 agorot¸ ?¸ 1¸ 2¸ 5¸ 10 new shekalim
Symbol :
Official Users : Israel¸ Palestinian Territories
Website : bankisrael.gov.il

 
Israel Currency Image
Israeli new sheqel

About currency of Israel:

The Israeli new sheqel is the official currency of the State of Israel. The currency is subdivided into 100 agorot. The symbol of Israeli new sheqel is ₪ and the ISO 4217 code of the currency is ILS. 

The old sheqel could not be stable due to inflation during the economic crisis occurred in the country in early 1980s. The inflation was controlled by the 1985 Economic Stabilization Plan and the new sheqel replaced the old one on 1 January 1986 at a value of 1¸000 old sheqalim = 1 new sheqel.

Since 1 January 2003¸ the new sheqel has been exchangeable currency. Since 7 May 2006¸ the Israeli new sheqel imitative trading is also being done on the Chicago Mercantile Exchange. Due to this reason¸ the currency is now one among the twenty world currencies. 

On 26 May 2008¸ CLS Bank International declared that it will resolve payment instructions in Israeli New sheqel. After that the currency has become fully convertible. 

As there is no mint in Israel¸ the currency is being produced in the country. Presently the coins are embossed at Korea Minting and Security Printing Corporation (KOMSCO)¸ which is the issuing authority of banknote and coins of South Korea. The banknotes of Israel are being imprinted in Switzerland.

Coins in Israel:

Coins in Israel introduced in the country for the first time in 1985. The denominations of the coins were 1¸ 5 and 10 agorot¸ ½ and 1 new sheqel. The government introduced 5 new sheqalim coins in 1990 and 10 new sheqalim were produced in 1995. Minting of 1 agora pieces stopped in 1990 and on 1 April 1991¸ those coins were removed from circulation. Two new sheqalim coins were introduced on 9 December 2007 and the 5 agorot coin that was minted for the last time in 2006 removed from distribution on 1 January 2008.

Presently the coins in circulation are 10 agorot¸ ½¸ 1¸ 2¸ 5¸ 10 new shekalim.

Banknotes in Israel:

Banknotes in denominations of 1¸ 5¸ 10¸ 20 and 50 new sheqalim were first introduced in September 1985. The basic design of old 1¸000¸ 5¸000 and 10¸000 old sheqel notes were used in 1¸ 5 and 10 new sheqel notes but the denominations were changed. 

The people of Israel got 100 new sheqel notes to use in 1986 and 200 new sheqel notes added to the list in 1991. The coins replaced the 1¸ 5 and 10 new sheqel notes afterward. 

Reports presented in December 2009 had the indication that the new bills that is supposed to be issued in 2012 is likely to be imprinted with the  images of Shai Agnon¸ Menachem Begin¸ Rachel Bluwstein and Yitzhak Rabin with a 500-sheqel note that has been unannounced yet. 

Presently¸ the banknotes in circulation in the country are 20¸ 50¸ 100¸ 200 new shekalim.

Official users of Israeli new sheqel:

The citizens of Israel and the people of Palestinian territories are the official users of the Israeli new sheqel.

bankisrael.gov.il is the official website of Bank of Israel¸ where one can get all the details of Israeli new sheqel.

Exchange rate of Israeli new sheqel:

The exchange rate of Israeli new sheqel is subjected to change according to the market trend worldwide. However¸ as of February 2011¸ the exchange rate of the currency as compared with other major countries is:

1 US Dollar = 3.60616 Israeli new sheqel

1 United Kingdom Pound = 5.84845 Israeli new sheqel

1 Indian Rupee = 0.0801728 Israeli new sheqel

1 Canada Dollar = 3.66359 Israeli new sheqel

Israel Currency Coins and Banknotes Images

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