What is the 'ILS (Israeli New Shekel)'

ILS is the currency abbreviation or currency symbol for the Israeli new shekel, the currency for Israel. The new shekel is made up of 100 agorot. This symbol represents a combination of the first letters in Hebrew for the words "shekel" and "hadash." 

BREAKING DOWN 'ILS (Israeli New Shekel)'

As of 2016, the Bank of Israel issues the new shekel, while South Korea produces the coins. Switzerland produces the bank notes. There are different divisions of the new shekel, including 10 agorat and 0.5 shekel. The new shekel first served as Israel's official currency in 1986, and as of 2016 is still in use. Despite a recession in Israel between 2008 and 2009, the new shekel has maintained long-lasting stability thanks to the implementation of new economic policies by the State of Israel as well as the success of the state's banks.

History of the New Shekel

The word "shekel" originally referred to a unit of weight that was roughly around 1 ounce. The shekel supplanted the Israeli lira as the currency of Israel in 1980. The old shekel suffered during a period of inflation during the 1980s and the new shekel replaced it in 1986 at a ratio of 1,000:1 following the 1985 Economic Stabilization Plan. The new rate became one new shekel corresponding to 1,000 old sheqalim. The new shekel became a freely convertible currency in 2003 and began trading derivatives in 2006. The currency became fully convertible in 2008.

Divisions and Series of the New Shekel

The Bank of Israel issues coins and bills that are based on the new shekel system. These coins and bills, in turn, come as part of series that the Bank of Israel issues on a periodic basis. After an initial series of the new shekel, a second series came out in 1999. This series contained new features on the new shekel, including security features to protect against forgers. The second series of bills and coins was designed by Naomi Rosner and Meir Eshel. The third series came out in 2014, and this series sought to improve on the security features of the second series to protect the economy against counterfeit money. This series also came with features that made the money easier to use by the blind and those with other eyesight problems. Art on the new shekels of the third series showcase poets and themes important to Israel. It was with this series that the Bank of Israel adopted the standard English spelling of "shekel," while previous versions used the traditional Hebrew translations of "sheqel."


  1. Series 66

    The Series 66 is an exam and license that is meant to qualify ...
  2. Series 63

    The Series 63 is a securities exam and license entitling the ...
  3. Tel Aviv Stock Exchange (TASE)

    The Tel Aviv Stock Exchange (TASE) is a securities market located ...
  4. Series 7

    The Series 7 is an exam and license that entitles the holder ...
  5. World Equity Benchmark Series - ...

    The World Equity Benchmark Series is a type of international ...
  6. USD (United States Dollar)

    USD is the currency abbreviation for the United States dollar, ...
Related Articles
  1. Tech

    Overlooked Israel Is A Portfolio Growth Engine

    While it’s often overlooked, Israel could be one of the best destinations for your portfolio dollar. Its high-tech economy is driving GDP and stock gains. For long term investors, the time to ...
  2. Investing

    Israel-U.S. Relations: Economic Aspects You Didn't Know

    The relationship between the United States and Israel is a lightning rod for controversy and is mired in politics and emotion.
  3. Personal Finance

    The Series 79 Exam: What It Is And When You Need It

    If you're getting into the field of investment banking, you'll need to know all about the Series 79.
  4. Financial Advisor

    Series 24 Exam Prep: Stock Exchanges

    Before you take the series 24, you need to understand exchanges, listing requirements and much more.
  5. Financial Advisor

    Series 63, Series 65 Or Series 66?

    When joining the world of investment professionals, you must take the right exams.
  6. Tech

    Alibaba Invests in Israeli Search Company (BABA)

    Alibaba has invested in Twiggle, an Israeli startup that uses artificial intelligence and machine learning techniques to improve e-commerce companies' search.
  7. Managing Wealth

    Analyzing GE's Preferred Stock (GE)

    Learn why General Electric Company's new Series D Perpetual Preferred stock is an excellent choice for investors desiring a safe and steady income stream.
  8. Financial Advisor

    Series 6 Exam Prep: What Is A Security?

    Before you take the series 6, you need to understand what a security is as defined by the exam.
  9. Financial Advisor

    Introduction to the Series 65 exam

    The Series 65 is required in many states in order to be a fee-based advisor. Find out what it is and whether you need it.
  10. Tech

    New Counterfeit-Proof £1 introduced by the British Royal Mint

    Dubbed "the most secure coin in the world", the new British £1 coin entered circulation March 28.
  1. How long will it take for a bond to reach its face value?

    Learn when different savings bonds reach face value and determine the best time to cash them in to get the highest return ... Read Answer >>
  2. What are key economic factors that can cause currency depreciation in a country?

    Read about the causes of currency devaluation, and find out how to differentiate between relative and absolute currency devaluation. Read Answer >>
Trading Center