Israeli New Shekels (ILS)
Tue, Apr 15The Israeli New Shekel (ILS), also referred to as the Israeli Shekel, serves as the official currency of Israel, a nation situated in the Middle East.
The New Shekel was launched on January 1, 1986, replacing the previous Israeli Shekel at a conversion rate of 1,000 old shekels for 1 new shekel, as part of a currency reform aimed at addressing hyperinflation.
The Bank of Israel is tasked with the issuance and management of the Israeli New Shekel.
The Israeli New Shekel functions under a managed floating exchange rate system, where its value in relation to other currencies is influenced by market dynamics, including supply and demand.
The Bank of Israel may intervene in the foreign exchange market when necessary to ensure stability or to prevent significant fluctuations.
This system enables the Israeli New Shekel to adapt to external shocks and shifts in global market conditions while maintaining a degree of stability.
The Israeli New Shekel is divided into 100 smaller units known as agorot.
Coins are available in denominations of 10 agorot, as well as ½, 1, 2, 5, and 10 new shekels.
Banknotes are issued in denominations of 20, 50, 100, and 200 new shekels.
Israel’s economy is diverse and advanced, with a significant emphasis on technology, research, and development. Major sectors include high-tech industries, telecommunications, agriculture, and services.
The country is recognized for its vibrant startup ecosystem and pioneering research in areas such as biotechnology, renewable energy, and cybersecurity.
Nonetheless, Israel encounters various economic challenges, including regional geopolitical tensions, income inequality, and a high cost of living.
The government has been implementing policies to foster economic growth, diversify the economy, and tackle social issues like housing affordability and social welfare.
In conclusion, the Israeli New Shekel is the official currency of Israel, managed by the Bank of Israel.
The currency operates under a managed floating exchange rate system, with its value shaped by market forces and possible interventions from the Bank.
The Israeli New Shekel is divided into agorot and is available in various banknote and coin denominations. While Israel’s economy is diverse and advanced, the country faces challenges related to regional geopolitical tensions, income inequality, and a high cost of living.
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