DEFINITION of 'ILS'
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, and is often presented with the symbol __. This symbol represents a combination of the first letters in Hebrew of the words "sheqel" and "hadash". The currency itself is actually produced by a South Korean company, as there is no mint in Israel.
BREAKING DOWN 'ILS'
The New Sheqel was first seen in 1986 when it replaced the original sheqel currency at a ratio of 1000 to 1. It became a freely convertible currency in 2003 and began trading derivatives in 2006. The currency became fully convertible in 2008.