ILS (Israeli New Shequel)

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DEFINITION

The currency abbreviation or currency symbol for the Israeli new sheqel (ILS), the currency for Israel. The new sheqel is made up of 100 agorot. This symbol represents a combination of the first letters in Hebrew for the words "sheqel" and "hadash". The currency itself is actually produced by a South Korean company, as there is no mint in Israel.

INVESTOPEDIA EXPLAINS

The new sheqel was first seen in 1986 when it replaced the original sheqel currency at a ratio of 1000:1. It became a freely convertible currency in 2003, and began trading derivatives in 2006. The currency became fully convertible in 2008.


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