ILS Israeli Shekel: A Beginner's Guide to Israel's Currency

The Israeli shekel (ILS) is the official currency of Israel. It is issued by the Bank of Israel and is divided into 100 agora. The ILS is a relatively young currency, having been introduced in 1980 to replace the Israeli pound.

The History of the ILS

The ILS was introduced on February 24, 1980, to replace the Israeli pound, which had been in use since 1948. The new currency was introduced in an effort to stabilize the Israeli economy and reduce inflation. The ILS was initially pegged to the US dollar at a rate of 1 ILS = $0.33. However, the peg was abandoned in 1985, and the ILS has since been allowed to float freely.

The Value of the ILS

The value of the ILS has fluctuated over the years. In the early 1980s, the ILS was worth around $0.33. However, by the late 1990s, it had fallen to around $0.25. In recent years, the ILS has regained some of its value and is now worth around $0.27.

The Uses of the ILS

The ILS is the official currency of Israel and is used for all transactions in the country. It is also used in the Palestinian territories. The ILS is a relatively stable currency and is widely accepted by businesses and individuals alike.

Exchanging Currency

If you are traveling to Israel, you will need to exchange your currency for ILS. You can do this at banks, currency exchange bureaus, and hotels. The exchange rate will vary depending on the currency you are exchanging and the location of the exchange.

Tips for Using the ILS

Here are a few tips for using the ILS:

• When exchanging currency, be sure to compare rates from different providers.
• Always carry some cash with you, as not all businesses accept credit cards.
• Be aware of the exchange rate before you travel, so you know how much your money is worth.
• Do not exchange currency with street vendors or other unauthorized individuals.

Conclusion

The ILS is the official currency of Israel and is used for all transactions in the country. It is a relatively stable currency and is widely accepted by businesses and individuals alike. If you are traveling to Israel, be sure to exchange your currency for ILS before you travel.