New Israeli sheqel

The New Israeli sheqel (abbr. NIS; symbol: ₪; also spelled shekel; pl. sheqalim or shekalim) is the currency of Israel. The ISO 4217 code for the NIS is ILS. The NIS is divided into 100 agorot (sing. agora).

Related Topics:
Currency - Israel - ISO 4217 - Agora

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In Hebrew, the NIS is called "שקל חדש" (Sheqel Khadash), and is usually abbreviated ש"ח (pronounced shakh). The symbol for the NIS is ₪, a combination of the first Hebrew letters of the words sheqel (ש) and khadash (ח).

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The NIS, issued by the Bank of Israel, was introduced on September 4, 1985. It replaced the "old" sheqel, at a rate of one new sheqel per 1000 "old" sheqel. The "old" Sheqel replaced the Israeli pound (Lira) on February 24, 1980, at a rate of one sheqel per 10 pounds.

Related Topics:
Bank of Israel - September 4 - 1985 - Israeli pound - February 24 - 1980

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Banknotes exist of 20, 50, 100, and 200 NIS.

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Originally there were also banknotes of 1, 5, and 10 NIS. These were replaced by coins in subsequent years.

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A plan to issue a 500 NIS banknote, carrying the portrait of Yitzhak Rabin, has been announced shortly after Rabin's assassination in 1995. However, due to low inflation rates, there is currently no need for such a banknote, and it is not expected to be issued in the foreseeable future.

Related Topics:
Yitzhak Rabin - 1995

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Coins exist of 5, 10, and 50 agorot, and 1, 5, and 10 NIS.

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A 1 agora coin was issued in 1985, but was later abolished.

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In late 2004, the Bank of Israel announced a plan to issue a 2 NIS coin. As of 2005, such a coin is not yet in circulation.

Related Topics:
2004 - As of 2005

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On August 18, 2005, the NIS exchange rate stood at 5.45907 NIS per one euro and at 4.48142 NIS per one US Dollar. Since January 1, 2003, the NIS has been a freely convertible currency.

Related Topics:
August 18 - 2005 - Exchange rate - Euro - US Dollar - January 1 - 2003

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