ILSIsraeli New ShekelIsraeli New Shekel (ILS)
The Israeli new shekel is Israel's national currency and the unit used across a technology-intensive, trade-oriented economy.
- ISO code
- ILS
- Symbol
- ₪
- Region
- Middle East
- Currency type
- Fiat currency
- Exchange system
- ILS follows a freely fluctuating exchange-rate policy without a fixed parity. The Bank of Israel publishes representative rates and reserves the right to intervene to support orderly market activity.
- Last reviewed
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Quick facts
ILS at a glance
Currency profile
How ILS works
The Israeli new shekel is Israel's national currency and the unit used across a technology-intensive, trade-oriented economy.
The Bank of Israel has sole legal authority to issue Israeli banknotes and coins and conducts monetary policy under an inflation-targeting framework.
- ILS is divided into 100 agorot and replaced the old shekel in the 1985 stabilization period.
- The shekel exchange rate is allowed to fluctuate without a fixed target, although the Bank of Israel may intervene when necessary.
Context
Why this currency matters
ILS carries the record of Israel's response to the high inflation of the early 1980s and the transition to a modern floating exchange-rate framework. Its history helps users distinguish the current new shekel from the old shekel and earlier Israeli-pound records.
Monetary framework
Exchange arrangement
ILS follows a freely fluctuating exchange-rate policy without a fixed parity. The Bank of Israel publishes representative rates and reserves the right to intervene to support orderly market activity.
CurrencyHub shows daily reference rates. Banks, card networks, ATMs and transfer providers may apply different exchange rates, fees or spreads.
History timeline
Key dates for ILS
Bank of Israel established
The Bank of Israel began operating as the country's central bank and later became the sole currency issuer.
Bank of Israel - currency systemShekel replaced the Israeli pound
Israel introduced the shekel at ten Israeli pounds for one shekel.
Bank of Israel - currency systemNew shekel introduced
The new shekel replaced the old shekel at 1,000 old shekels for one ILS during the stabilization period.
Bank of Israel - currency system
Usage and economy
How ILS is used
- Prices, payroll and settlement in Israel.
- Cross-border comparisons involving USD, EUR, JOD and EGP.
Country currency guides
Banknotes and coins
ILS currency units
The Bank of Israel documents the current new-shekel banknote series.
The Bank of Israel documents new-shekel and agora coins issued for circulation.
One Israeli New Shekel unit is recorded with 2 decimal places and uses Agora as its minor unit.
Related currencies
Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
FAQ
ILS questions
What did the Israeli new shekel replace?
ILS replaced the old shekel in 1985 at a rate of 1,000 old shekels for one new shekel.
Does the Bank of Israel fix the ILS exchange rate?
No. The shekel fluctuates without a fixed target, though the Bank may intervene when market conditions warrant it.
Who issues Israeli banknotes and coins?
The Bank of Israel has sole legal authority to issue banknotes, circulation coins and commemorative currency.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.