The currency in Israel is the new Israeli shekel (ILS). Let's take a closer look at this article for a better understanding.
What is the Currency in Israel?
The currency in Israel is the new Israeli shekel (ILS). The shekel is divided into 100 agorot. The new Israeli shekel was introduced in 1986, replacing the old Israeli shekel, which had been in use since 1948.
Why Is It Called the New Israeli Shekel?
The new Israeli shekel is called the "new" shekel to distinguish it from the old Israeli shekel. The old Israeli shekel was replaced because of hyperinflation, which had made the currency worthless. The new Israeli shekel was introduced with a fixed exchange rate of 1 new shekel = 1000 old shekels.
History of the Israeli Currency
The first Israeli currency was the Palestine pound, which was introduced in 1927. The Palestine pound was replaced by the Israeli pound in 1948. The Israeli pound was in use until 1986 when it was replaced by the new Israeli shekel.
The New Israeli Shekel
The new Israeli shekel is a relatively stable currency. It is pegged to the US dollar at a rate of 1 USD = 3.5 ILS. The new Israeli shekel is used in both Israel and the Palestinian territories.
Is the New Israeli Shekel Accepted in the Palestinian Territories?
Yes, the new Israeli shekel is accepted in the Palestinian territories. However, the Palestinian Authority also issues its own currency, the Palestinian dinar. The Palestinian dinar is not as widely accepted as the new Israeli shekel.
Conclusion:
The new Israeli shekel is the official currency of Israel. It is a relatively stable currency and is accepted in both Israel and the Palestinian territories. If you are planning to travel to Israel, it is a good idea to exchange your currency for new Israeli shekels.
What is the Currency in Israel? Why Is It Called the New Israeli Shekel? - I hope this article was informative.
