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."

 

RELATED TERMS
  1. ILS

    The currency abbreviation or currency symbol for the Israeli ...
  2. Series 27

    The Series 27 is a securities license entitling the holder to ...
  3. Taiwan, Israel, Chile and Korea ...

    The TICK investment theme focuses on four economies that rank ...
  4. Time Series

    A sequence of numerical data points in successive order, usually ...
  5. Series 79

    The Series 79 exam is an examination to determine whether a registered ...
  6. Currency

    Currency is a generally accepted form of money, including coins ...
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: Silicon Valley of the Middle East?

    Israel is home to a vibrant technology sector and startup economy. Access those themes with this ETF.
  3. Financial Advisor

    Series 63, Series 65 Or Series 66?

    When joining the world of investment professionals, you must take the right exams.
  4. Investing

    BiondVax Gets Approval to Build Plant in Israel

    BiondVax stock hit a 52-week high after the Israeli government allowed it to build a factory.
  5. Investing

    The 5 Largest Middle East & Africa ETFs (MENA)

    Learn about the five largest Middle Eastern and African equity ETFs. Explore the AUM, trading volume, expense ratio and dividend yield of each ETF.
  6. Investing

    Series A, B, C funding: How it works

    Series A, B, and C funding in the field of entrepreneurship and early stage investing refers to the development stages of startups raising venture capital.
  7. Financial Advisor

    Series 66 Exam Prep: The Broker-Dealer

    Before you take the series 66, you need to understand civil liabilities.
  8. 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.
  9. 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.
  10. Financial Advisor

    Breaking Down Financial Securities Licenses

    Find out which exam you need to begin your career as an investment professional.
RELATED FAQS
  1. The FINRA Series 6 and Series 7 exams: The differences

    Learn about the regulatory exams needed to become a registered representative and the main differences between the Financial ... 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 >>
Hot Definitions
  1. Financial Risk

    Financial risk is the possibility that shareholders will lose money when investing in a company if its cash flow fails to ...
  2. Enterprise Value (EV)

    Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market ...
  3. Relative Strength Index - RSI

    Relative Strength Indicator (RSI) is a technical momentum indicator that compares the magnitude of recent gains to recent ...
  4. Dividend

    A dividend is a distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.
  5. Inventory Turnover

    Inventory turnover is a ratio showing how many times a company has sold and replaces inventory over a period.
  6. Watchlist

    A watchlist is list of securities being monitored for potential trading or investing opportunities.
Trading Center